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The term dilemma is attributed by Gabriel Nuchelmans to Lorenzo Valla in the 15th century, in later versions of his logic text traditionally called Dialectica. Valla claimed that it was the appropriate Latin equivalent of the Greek dilemmaton. Nuchelmans argued that his probable source was a logic text of c. 1433 of George of Trebizond. [2]
Constructive dilemma [1] [2] [3] is a valid rule of inference of propositional logic. It is the inference that, if P implies Q and R implies S and either P or R is true, then either Q or S has to be true. In sum, if two conditionals are true and at least one of their antecedents is, then at least one of their consequents must be too.
[2] At competitive equilibrium, the value society places on a good is equivalent to the value of the resources given up to produce it (marginal benefit equals marginal cost). This ensures allocative efficiency -the additional value society places on another unit of the good is equal to what society must give up in resources to produce it.
Example 1: The straightforward single round prisoner's dilemma game. The classic prisoner's dilemma game payoffs gives a player a maximum payoff if they defect and their partner co-operates (this choice is known as temptation). If, however, the player co-operates and their partner defects, they get the worst possible result (the suckers payoff).
In logic, the law of excluded middle or the principle of excluded middle states that for every proposition, either this proposition or its negation is true. [1] [2] It is one of the three laws of thought, along with the law of noncontradiction, and the law of identity; however, no system of logic is built on just these laws, and none of these laws provides inference rules, such as modus ponens ...
Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena.. It can be summarised as the theoretical ethical prerequisites and foundations of economic systems.
Chapter 1, "The Lesson", explains that economics is a field filled with fallacies because of the difficulties inherent in the subject and the special pleading of selfish interests. [3] Every group has economic interests antagonistic to other groups.
The mythological Judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.