Search results
Results from the WOW.Com Content Network
The conjecture compares the behavior of "get-it-while-you-can" consumers to that of the videogame character Pac-Man, who hungrily eats all available dots. The Pacman conjecture holds that durable-goods monopolists have complete market power and so can exercise perfect price discrimination, thus extracting the total surplus. [1]
where is a row vector of relative prices; and likewise for M ⋅ V = P ⋅ Q . {\displaystyle M\cdot V=P\cdot Q.} In 2008 economist Andrew Naganoff ( Russian : Эндрю Наганов ) proposed an integral form of the equation of exchange, where on the left side of the equation is M ( V ) d V {\displaystyle M(V)dV} under the integral sign ...
In monetary economics, the currency in circulation in a country is the value of currency or cash (banknotes and coins) that has ever been issued by the country’s monetary authority less the amount that has been removed.
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. [1]
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
For premium support please call: 800-290-4726 more ways to reach us
Convexity is a geometric property with a variety of applications in economics. [1] Informally, an economic phenomenon is convex when "intermediates (or combinations) are better than extremes". For example, an economic agent with convex preferences prefers combinations of goods over having a lot of any one sort of good; this represents a kind of ...
PACS Group, Inc. (NYSE:PACS) shares traded lower on Wednesday after the company announced the postponement of third-quarter results and disclosure of civil investigative demands from the federal ...