Policy analysis is introduced by Munger with immediate skepticism. Munger recognizes the influence of differing opinions‚ and notes a reoccurring theme of oversimplifying political issues. There is a demand from political leaders for quick solutions; however policy analysis cannot provide quick alternative recommendations. Munger credits this inability to consequently create a natural conflict between elected officials and policy experts. Munger presents a cautious process for analyzing policy
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Courtney Thompson The Impossibility of Social Choice Introduction Social choice theory depends on individual preferences. Kenneth Arrow wrote a book exploring the properties of social choice functions. This book focuses on problems of aggregating individual preferences to maximize social choice functions‚ or to satisfy some kind of normative criteria given the preferences of the individual voters. This research on optimal methods of aggregation has spurred interest in properties of actual procedures
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Public choice From Wikipedia‚ the free encyclopedia Jump to: navigation‚ search Part of a series on Libertarianism Origins[show] Concepts[show] · · · · · · · Schools[show] · · · People[show] · · ·
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NAME OF STUDENT: ALFRED KOFI OSEI-FRIMPONG‚ 1ST BATCH MBAE – MARKETING OPTION PROJECT SYNOPSIS CONSUMER BEHAVIOUR PATTERNS TOWARDS PHARMACEUTICAL PRODUCTS: THE STUDY OF HAEMATINICS (BLOOD TONICS) IN GHANA Project Aims and Importance The marketing of medication has a long history. The sale of miracle cures‚ many with little real potency‚ has always been common. Marketing of legitimate non-prescription medications‚ such as pain relievers‚ haematinics or allergy medicine‚ has also long
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“The Arrow impossibility theorem and its implications for voting and elections” Arrow’s impossibility theorem represents a fascinating problem in the philosophy of economics‚ widely discussed for insinuating doubt on commonly accepted beliefs towards collective decision making procedures. This essay will introduce its fundamental assumptions‚ explain its meaning‚ explore some of the solutions available to escape its predictions and finally discuss its implications for political
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The emergence of shareholder value in the German corporation Crès H‚ Tvede M. 2004. The Drèze and Grossman-Hart criteria for production in incomplete markets: Voting foundations and compared political stability DeAngelo H. 1981. Competition and unanimity. American Economic Review 71(1): 18–27. Debreu G. 1959. Theory of Value. John Wiley: New York. Dyck A‚ Zingales L. 2004. Private benefits of control: An international comparison. Forstmoser P. 2005. Gewinnmaximierung oder soziale Verantwortung? In
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have been responsible for bank disintermediation. First‚ pareto improvement (Vilfredo Pareto)‚ second‚ reputation acquisition in debt markets (Diamond‚ D.‚ 1989)‚ third‚ corporate finance theory (MM & Trade-off Theory). 1. Pareto Improvement (Vilfredo Pareto) According to Pareto efficient (Vilfredo Pareto)‚ if economic allocation in any system is not Pareto efficient‚ there is potential for a Pareto improvement—an increase in Pareto efficiency: through reallocation‚ improvements to at least
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damages. The number of jurors used in a civil trial is less than that used in a criminal trial. Another important difference is that the verdict does not have to be unanimous‚ meaning that a judge will accept a majority decision of a civil jury. Unanimity has long been considered as essential and fundamental part of jury trials. Unanimous decisions refer to the nature of the decision reached by a jury. All jury members must be in agreement as to the innocence or guilt of the accused in criminal cases
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Break-Up Pareto optimal outcome is one such that no-one could be made better off without making someone else worse off. The concept of Pareto optimality occurs in a number of areas of economics. The allocation of resources in an economy is Pareto optimal‚ often called Pareto efficient‚ if it is not possible to change the allocation of resources in such a way as to make some people better off without making others worse off. A perfectly competitive market can be shown to deliver a Pareto optimal allocation
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The Edgeworth Box was developed by Francis Edgeworth‚ who later published his findings in his work‚ “Mathematical Psychics: an Essay on the Application of Mathematics to the Moral Sciences” in the late 1800’s (Fraley). Ultimately‚ the Edgeworth Box is a common and extremely useful tool in general equilibrium analysis‚ in which the box can be used to analyze the trading of goods and market efficiency (General Equilibrium I: Exchange). More specifically‚ the Edgeworth Box allows for the study of the
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