Download PDF by Julio Segura, Carlos Rodriguez Braun: An Eponymous Dictionary Of Economics: A Guide To Laws And

By Julio Segura, Carlos Rodriguez Braun

ISBN-10: 1843760290

ISBN-13: 9781843760290

An Eponymous Dictionary of Economics is an interesting and available reference paintings with entire assurance of the sphere of economics from Adam Smith’s challenge via Minkowski’s Theorem to Zellner’s Estimator. Eponymy - the perform of affixing the identify of the scientist to all or a part of what he/she has stumbled on - has many fascinating positive aspects yet just a only a few makes an attempt were made to take on the topic lexicographically in technological know-how and paintings. this is often the 1st eponymous dictionary of economics ever released in any language. There are 1000s of eponyms and the common economist shall be familiar with, not to mention be ready to grasp, a comparatively constrained variety of them. The Dictionary fills this void in a plausible quantity that describes all appropriate fiscal eponyms. a few infrequent yet fascinating eponyms also are integrated, many entries are cross-referenced and all have a succinct bibliography for additional examining. Julio Segura and Carlos Rodríguez Braun have assembled a special Dictionary that may be a useful and masses welcomed reference booklet for financial newshounds, economists and fiscal students in any respect degrees of academe, and in all parts of economics and its linked fields.

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Extra info for An Eponymous Dictionary Of Economics: A Guide To Laws And Theorems Named After Economists (Elgar Original Reference)

Example text

Pratt defines the risk premium p by the equation u(x – p) = Atkinson’s index E(u(x + z)), which indicates that the individual is indifferent between receiving z and getting the non-random amount –p. The greater is p the more risk-averse the individual is. However, p depends not only on x and u but also on F, which complicates matters. Assuming that u has a third derivative, which is continuous and bounded over the range of z, and using first and second order expansions of u around x, we can write p(x, F) ≅ r(x)s2z /2 for s2z small enough.

If we want to test two particular values of the parameter, q1, q2 we compare the ordinates of both values in the posterior density of the parameter: f(q1 | X) f(X | q1) p(q1) ———— = ———— ——— . f(q2 | X) f(X | q2) p(q2) 19 The ratio of the likelihood of the observed data under both parameter values is called the Bayes factor and this equation shows that the ratio of the posterior probabilities of both hypotheses is the product of the Bayes factor and the prior ratio. The main advantage of Bayesian inference is its generality and conceptual simplicity, as all inference problems are solved by a simple application of the probability rules.

It is now ‘full income’ (that is, the maximum money income a household can achieve when devoting all the time and other resources to earning income) that is the relevant scale variable that limits household choices. Becker’s approach to the study of household behavior implies, then, the maximization of a utility function whose arguments are the quantities of basic goods produced through a well behaved production function whose inputs are the quantities of market goods and the time needed for producing the basic goods.

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An Eponymous Dictionary Of Economics: A Guide To Laws And Theorems Named After Economists (Elgar Original Reference) by Julio Segura, Carlos Rodriguez Braun

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