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Additionally, assume there is a cost C associated with migrating from country 0 to country 1 and workers know all parameters and their own realization of e 0 and e 1. Borjas then uses the implications of the Roy model to infer something about what wages for immigrants in country 1 would have been had they stayed in country 0 and what wages for ...
Asymmetric price transmission (sometimes abbreviated as APT and informally called "rockets and feathers" , also known as asymmetric cost pass-through) refers to pricing phenomenon occurring when downstream prices react in a different manner to upstream price changes, depending on the characteristics of upstream prices or changes in those prices.
A special example of an application of search theory is the task of optimal selection of parking space by a driver going to the opera (theater, shopping, etc.). Approaching the destination, the driver goes down the street along which there are parking spaces – usually, only some places in the parking lot are free.
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The economics of discretionary behavior: nonpecuniary objectives in the theory of the firm (1963) Oliver Eaton Williamson (September 27, 1932 – May 21, 2020) was an American economist , a professor at the University of California, Berkeley , and recipient of the 2009 Nobel Memorial Prize in Economic Sciences , which he shared with Elinor Ostrom .
Given the assumptions of the Hotelling model, consumers will choose either firm as long as the combined price and transportation cost of the product is less than the competitive firm. For example, if both firms sell the product at the same price P {\displaystyle P\,} , consumers in quadrants a {\displaystyle a\,} and b {\displaystyle b\,} will ...
In the convex hull of the red set, each blue point is a convex combination of some red points.. In a real vector space, a set is defined to be convex if, for each pair of its points, every point on the line segment that joins them is covered by the set.
The Extended cost-loss model [9] [10] [11] is a simple extension of the cost-loss model. While the cost-loss model analyses the question "Should I take precautionary action now?" the extended cost-loss model analyses the question "Should I take precautionary action now or should I wait for the next forecast before deciding whether to take ...