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The gift exchange game serves as a valuable lens through which to understand economic theory as it demonstrates that self-interest maximization is not the sole determinant of economic decision-making. Rather, reciprocity is a fundamental factor that shapes individuals' behaviour in economic contexts.
An ineffective, non-binding price floor, below equilibrium price. A price floor could be set below the free-market equilibrium price. In the first graph at right, the dashed green line represents a price floor set below the free-market price. In this case, the floor has no practical effect.
The group's total payoff is maximized when everyone contributes all of their tokens to the public pool. However, the Nash equilibrium in this game is simply zero contributions by all; if the experiment were a purely analytical exercise in game theory it would resolve to zero contributions because any rational agent does best contributing zero, regardless of whatever anyone else does.
Pricing, quantity, and welfare effects of a binding price ceiling. There is a substantial body of research showing that under some circumstances price ceilings can, paradoxically, lead to higher prices. The leading explanation is that price ceilings serve to coordinate collusion among suppliers who would otherwise compete on price.
For example, in cases of divorce where minor children are involved, a court may require an ex-spouse to be named as an irrevocable beneficiary to ensure the children’s financial protection ...
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
A life insurance beneficiary is the person who receives the life insurance payout from your policy when you die. The beneficiary or beneficiaries can typically use this money in any way they see fit.
However, life insurance beneficiaries can conflict with the terms in your will if you aren't thorough. Your life insurance beneficiary designation usually supersedes your will. So …