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Intermediate microeconomics : A modern approach
01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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47 citations
14 Jul 2003
TL;DR: This paper presents the principled design of a marketplace, in which the various recommendation methods compete to offer their recommendations to the user, and detailing the auction protocol and reward mechanism and analyzing the rational bidding strategies of the individual recommendation agents.
Abstract: Recommender systems have been widely advocated as a way of coping with the problem of information overload for knowledge workers. Given this, multiple recommendation methods have been developed. However, it has been shown that no one technique is best for all users in all situations. Thus we believe that effective recommender systems should incorporate a wide variety of such techniques and that some form of overarching framework should be put in place to coordinate the various recommendations so that only the best of them (from whatever source) are presented to the user. To this end, we show that a marketplace, in which the various recommendation methods compete to offer their recommendations to the user, can be used in this role. Specifically, this paper presents the principled design of such a marketplace; detailing the auction protocol and reward mechanism and analyzing the rational bidding strategies of the individual recommendation agents.
47 citations
Cites background or methods from "Intermediate microeconomics : A mod..."
...We base the reward on PM+1 (whose value is not known by the bidding agents) so that the market cannot be manipulable by the participants [17]p289....
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...Therefore, a Cobb-Douglas utility function [17] is introduced....
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...This ranking specifies the “social preference” [17]p590 of a distribution of overall welfare to different rewarded recommendations and should ensure that recommendations are rewarded according to how good they are....
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TL;DR: In this paper, the authors examine the choice of quotas by legal volumerestricting organizations: cartels, commodity agreements, agricultural marketing boards, and prorationing boards, examining the predicted effects of this real-world voting institution on prices and welfare.
Abstract: The authors examine the choice of quotas by legal volume-restricting organizations: cartels, commodity agreements, agricultural marketing boards, and prorationing boards. Unlike their illegal counterparts, legal cartels have published regulations and broader enforcement capabilities. However, differences in costs and size among cartel members still make quota selection contentious. Conflicts over quotas are typically resolved by voting. Side-payments to influence votes are prohibited. The authors examine the predicted effects of this real-world voting institution on prices and welfare. They also deduce the economic consequences of exogenous political changes, such as alterations in the voting weights or in the identity of the voters. Copyright 1995 by American Economic Association.
46 citations
TL;DR: The results suggest that, like other goods, controlled drugs are purchased based upon the consumer's interpretations of their relative value, and it is probable that the purchase and subsequent use of controlled drugs by polysubstance misusers will be heavily influenced by the economic environment.
46 citations
01 Jan 2008
TL;DR: This tutorial introduces the reader to some basic concepts used in a wide range of models of economic networks, using methods stemming from graph theory to describe and study relations between economic agents in networks.
Abstract: Networks play an important role in a wide range of economic phenomena. Despite this fact, standard economic theory rarely considers economic networks explicitly in its analysis. However, a major innovation in economic theory has been the use of methods stemming from graph theory to describe and study relations between economic agents in networks. This recent development has lead to a fast increase in theoretical research on economic networks. In this tutorial, we introduce the reader to some basic concepts used in a wide range of models of economic networks.
45 citations
Cites background from "Intermediate microeconomics : A mod..."
...A utility function is a way of assigning a number to every possible choice such that more-preferred choices have a higher number than less-preferred ones [82]....
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