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Concorde fallacy

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Dollar Auction game

Dollar Auction game  

A strategic game (1) devised by the US economist Martin Shubik (born 1926) and published in the Journal of Conflict Resolution in 1971, designed to model strategic escalation and entrapment. A dollar ...
marginalism

marginalism  

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The technique of studying economic change by examining any small rate of change of any one variable (e.g. cost, revenue, consumer satisfaction) relative to another. Analytically powerful because it ...
sunk cost fallacy

sunk cost fallacy  

Another name for the Concorde fallacy, especially among decision theorists.

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