Book•
Price Theory: An Intermediate Text
01 Jan 1986-
TL;DR: This second edition of this book has more analytical tools, including increased technical terminology, more graphical analyses and expanded discussions of topics and a chapter on game theory and oligopoly.
Abstract: The author designed this book to develop the reader's understanding of the economic way of thinking by first providing verbal, intuitive explanations of concepts, then illustrating them with graphs and/or calculus. Optional chapters apply economic analysis to unconventional topics, including crime and marriage. In this second edition there are more analytical tools, including increased technical terminology, more graphical analyses and expanded discussions of topics and a chapter on game theory and oligopoly.
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TL;DR: In this article, the authors explore the impact of land use change in terms of provision of ecosystem services by following two approaches, one very detailed (focused on hydrological services - water quality) and another one with a broader perspective (at a large scale and considering the ecosystem service value (ESV) of several ecosystems and their ecosystem services at the same time).
269 citations
Patent•
26 Nov 2003TL;DR: In this paper, the authors present a configurable pricing system that allows users to define or modify data used to analyze, evaluate, improve, and design pricing changes according to the user's need.
Abstract: The present invention provides a configurable pricing system that allows users to define or modify data used to analyze, evaluate, improve, and design pricing changes according to the user's need. A Graphical user interface or some other type of user interface allows the user to access and review various data to be used during pricing optimization. The user may then modify this data as needed to improve the pricing evaluation, such as defining sales or pricing trends, or relationships between the product of interest and other competing items. The user interface may further display changes in pricing and the effects of the pricing changes, as caused by the user's changes. The interface may also allow the user to modify the mathematical model to be used during price optimization, as well as define variables, constraints, and boundaries to be considered during the price optimization.
144 citations
TL;DR: In this article, the authors present both theoretical arguments and empirical evidence for the peculiar institution's inefficiency, and show that it was a system that imposed significant "deadweight loss" on the Southern economy, despite being lucrative for slaveholders.
Abstract: Two broad positions have dominated the history of economic thought with respect to chattel slavery. The view of the classical economists, dating back as far as Adam Smith and including a good many abolitionists, was that slavery was inefficient and therefore unprofitable. The contrasting position of the new economic historians, most closely identified with Robert Fogel and Stanley Engerman, is that slavery was profitable and therefore efficient. Both positions are partly wrong (as well as partly right). Southern slavery was indeed profitable but nevertheless inefficient; it operated like other obvious practices — from piracy through monopoly to government subsidies — where individual gains do not translate into social benefits. In the terminology of economics, it was a system that imposed significant “deadweight loss” on the Southern economy, despite being lucrative for slaveholders. The paper presents both theoretical arguments and empirical evidence for the peculiar institution’s inefficiency. In the process it throws into fresh perspective many historical controversies about the antebellum South. A recognition of slavery’s deadweight loss has major implications for the origins of the Civil War. Slavery’s survival required extensive subsidies from government at all levels. A federal Fugitive Slave Law was among the most crucial ways that the national government socialized the system’s enforcement. That is why runaway slaves were such an important ingredient in sectional strife. A comparative investigation of slavery not just within the United States but elsewhere demonstrates that, wherever slaves could easily run away, the entire system was compromised.
99 citations
TL;DR: In this paper, the authors used a panel-based GMM methodology to estimate a dynamic model of life satisfaction and found that there is a positive and statistically significant spillover effect that runs from one partner to the other partner in a couple.
98 citations
Cites background from "Price Theory: An Intermediate Text"
...The idea that married people care a great deal about the well-being of their partner is not new to economists (Becker, 1973, 1974; Friedman, 1986)....
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...The final interpretation of the raw spousal correlation in LS views the association as a result of a spillover effect of LS from one partner to the other (Becker, 1974; Friedman, 1986)....
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TL;DR: In this paper, the authors identify the motivations that contribute to the intention of Swiss farmers to engage in conservation on their farms, and they conclude that any changes to the policy framework should be undertaken in a consultative process and that Swiss lowland farmers should be allowed the flexibility to implement measures that will produce the best conservation outcomes.
97 citations
References
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TL;DR: A history of economic thought from Adam Smith to John Maynard Keynes is presented in the fifth edition of the Reader's Guide to Economics as mentioned in this paper, which includes a detailed guide to nine of the major texts of economics, namely the works of Smith, Ricardo, Mill, Marx, Marshall, Wickstead, Wicksell, Walras and Keynes.
Abstract: This is a history of economic thought from Adam Smith to John Maynard Keynes - but it is a history with a difference. Firstly, it is a history of economic theory, not of economic doctrines, that is, it is consistently focused on theoretical analysis, undiluted by entertaining historical digressions or biological colouring. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics, namely the works of Smith, Ricardo, Mill, Marx, Marshall, Wickstead, Wicksell, Walras and Keynes, in the effort to encourage students to become acquainted at first hand with the writings of all the great economists. This fifth edition, first published in 1997, adds new Reader's Guides to Walras's Elements of Pure Economics (1871–74) and Keynes' General Theory to the previous seven Reader's Guides of other great books in economics. There are significant and major additions to six chapters.
1,377 citations
TL;DR: In this paper, it is shown that it is rational to keep the thermostat setting constant throughout the heating season rather than changing it with changes in external temperature, and that this is not only consistent with but also implied by rationality.
Abstract: Houses in cold climates are kept warmer in winter than those in warm climates, des pite the greater cost of heating in colder climates. It is shown that this is not only consistent with, but also implied by, rationality. The contrary intuition is based on a confusion between average and ma rginal cost. The same analysis implies that it is rational to keep th e thermostat setting constant throughout the heating season rather th an changing it with changes in external temperature. Copyright 1987 by University of Chicago Press.
29 citations