the price elasticity of demand. A price mechanism affects both buyer and seller who negotiate prices. A price mechanism, part of a market system, comprises...
8 KB (1,168 words) - 19:52, 20 December 2023
A free price system or free price mechanism (informally called the price system or the price mechanism) is a mechanism of resource allocation that relies...
4 KB (575 words) - 08:36, 8 February 2024
The price–specie flow mechanism is a model developed by Scottish economist David Hume (1711–1776) to illustrate how trade imbalances can self-correct...
4 KB (517 words) - 12:03, 25 April 2024
Government interference in the market mechanism can lead to economic inefficiency when it is applied to some private goods. Prices convey a lot of information....
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to a first-price sealed-bid auction. Herodotus relates an account of a descending price auction in Babylon, suggesting that market mechanisms similar to...
24 KB (3,117 words) - 18:59, 21 August 2024
The Antikythera mechanism (/ˌæntɪkɪˈθɪərə/ AN-tik-ih-THEER-ə, US also /ˌæntaɪkɪˈ-/ AN-ty-kih-) is an Ancient Greek hand-powered orrery (model of the Solar...
128 KB (13,220 words) - 14:47, 2 September 2024
valuations of the buyers. It is a simple kind of a Bayesian-optimal mechanism, in which the price is determined in advance without collecting actual buyers' bids...
18 KB (2,917 words) - 15:08, 4 January 2024
Friedrich Hayek's "The Use of Knowledge in Society" on the uses of the price mechanism in allowing information decentralization to order the effective use...
37 KB (4,039 words) - 01:34, 27 August 2024
English auction (redirect from Ascending-price mechanism)
this auction mechanism is thus incentive-compatible. It is also a Pareto efficient allocation mechanism. Milgrom, Paul (2004). Uniform Price Auctions. In...
9 KB (1,173 words) - 15:01, 28 March 2024
Double auction (section Mechanism design)
Myerson–Satterthwaite theorem). How should the auctioneer determine the trading price? An ideal mechanism would satisfy the following properties: 1. Individual Rationality...
22 KB (3,196 words) - 02:25, 4 August 2024
economics and finance, the price discovery process (also called price discovery mechanism) is the process of determining the price of an asset in the marketplace...
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Inflation (redirect from Price Inflation)
no price mechanism in whatever is left of those markets. With financial markets effectively euthanized, the remaining goods and physical asset prices would...
119 KB (13,813 words) - 21:14, 1 September 2024
to the economic theory behind congestion pricing, the objective of this policy is to use the price mechanism to cover the social cost of an activity where...
122 KB (12,693 words) - 20:07, 25 August 2024
Vickrey auction (redirect from Vickrey-Groves-Clarke mechanism)
mechanism design. In mechanism design, the revelation principle can be viewed as a generalization of the Vickrey auction. Auction theory First-price sealed-bid...
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Outline of industrial organization (redirect from Pricing mechanism)
are linked Price discrimination different prices to different buyers types of price discrimination Yield management Price skimming price discrimination...
5 KB (511 words) - 12:11, 30 October 2023
(such as the price mechanism and economic planning), could not either achieve all production, so that either firms use internal prices for all their...
56 KB (7,109 words) - 21:35, 10 May 2024
between various market prices, and the achievement of Pareto optimality through the operations in the capitalistic price mechanism, as well as in the discussion...
12 KB (1,771 words) - 20:07, 20 February 2024
Economics, a "canonical textbook" of mainstream economic thought that "the price mechanism, working through supply and demand in competitive markets, operates...
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design". For instance, Hayek put the price mechanism on the same level as language, which he developed in his price signal theory. Hayek attributed the...
161 KB (19,418 words) - 10:25, 4 September 2024
you want Price ceiling Price controls Price fixing Price fixing cases Price gouging Price mechanism Price premium Price signal Price system Price umbrella...
61 KB (7,922 words) - 12:57, 2 September 2024
Economic equilibrium (redirect from Equilibrium price)
economic equilibrium through the price mechanism. That is, any excess supply (market surplus or glut) would lead to price cuts, which decrease the quantity...
23 KB (2,927 words) - 03:14, 28 January 2024
Market (economics) (section Mechanisms)
between different uses is determined by the price mechanism". Thus the usage of the price mechanism to convey information is the defining feature of the...
82 KB (10,653 words) - 15:14, 3 September 2024
Order book (section Price levels)
example e-commerce). Market depth Mertens, J.F. (2003). "The limit-price mechanism". Journal of Mathematical Economics. 39 (5–6): 433–528. doi:10...
5 KB (600 words) - 02:24, 5 August 2024
Multiunit auction (redirect from Uniform price auction)
price (a uniform price auction) or at different prices (a discriminatory price auction). A uniform price auction otherwise known as a "clearing price...
7 KB (818 words) - 05:22, 9 August 2023
economy Price mechanism George J. Stigler, William J. Baumol. "Price system". Encyclopædia Britannica. Retrieved 2 January 2018. I Am The Price System...
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production: The investment of money to make a profit. The use of the price mechanism to allocate resources between competing uses. Economically efficient...
152 KB (15,933 words) - 07:18, 2 September 2024
Lange model (section Trial-and-error price adjustments)
performed by a public body such as the state, and there is a functioning price mechanism, this economy will be Pareto-efficient, like a hypothetical market...
16 KB (2,033 words) - 06:20, 27 July 2024
service providers than the name-your-own-price mechanism. Priceline.com has two different methods of price discrimination according to the product categories...
10 KB (1,238 words) - 10:47, 25 October 2023
concepts value in use and value in exchange. Value is linked to price through the mechanism of exchange. When an economist observes an exchange, two important...
22 KB (2,966 words) - 22:15, 2 August 2024
of the mechanism, we should specify the price that each winning agent has to pay. One way to calculate the price is to use the VCG mechanism on the virtual...
9 KB (1,502 words) - 10:07, 19 November 2023