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6
votes
1answer
53 views

Meaning of $dF(z)$ in expected utility framework

Background: from a Microeconomics course, $F$ is a cdf. In other words, if $F$ has a density function $f$, then $$F(z)={\int_{-\infty}^z f(x) dx} $$ Write the Bernoulli utility function $u:...
0
votes
1answer
564 views

Is there any formal definition of a relationship between resource availability and demand?

I do not have any background on economics. So my question might sound too simple and I hope it to be clear enough. I am curious about the following: Is there any formal definition of a relationship ...
3
votes
2answers
1k views

what is the difference between microeconomics and microfinance?

what is the difference between microeconomics and microfinance? I cannot understand the difference between the two terms
1
vote
1answer
57 views

Economics term for unfavorable goods

What are called goods, whose maintenance expenses are higher than initial price tag. There is a specific term for that, but I can't find it.
3
votes
3answers
3k views

What is the term for 'forgone cost' as 'opportunity cost' is for 'forgone profit'?

For example, suppose I made \$100 from an investment. If I'd had deposit the same amount of money in the bank I would have get \$60 of interest. Then the 'forgone profit' or 'opportunity cost' in this ...
1
vote
0answers
44 views

Terminology for separability in price and value

Take an agent with mean-variance utility over something that is uncertain: $$ U(x) = \mu_x^\theta - \sigma_x^\lambda $$ $A\in \{0,1\}$ happens if $U(x)>0$, and $x$ is a random variable $$ A = \...
2
votes
4answers
135 views

How to calculate the average wage increase?

What is the average wage increase and how does one calculate it? Gottfries (2013, p. 166) refers to the following formula as the "average wage increase:" $$\frac{\Delta W_t}{W_{t-1}}$$ If the above ...
2
votes
1answer
61 views

Best terminology for “inverse” preferences

This might be related to : Symmetric and asymmetric preferences. In your experience, what is the best terminology to denote a pair of preference relations $(R,R')$ over some set of alternatives $A$ ...
5
votes
1answer
194 views

What term/theory describes more efficient utilization of a resource?

I may be asking the wrong question here, but I wonder if there is a term/theory that describes/studies the evolution of an economy that continually improves the utilization and allocation of certain ...
3
votes
2answers
960 views

Suitable terminology for the inverse elasticity?

In many microeconomic applications (e.g. monopoly price-setting) the inverse elasticity appears. Explaining such relations to laymen is often awkward because inverse proportionality is not as ...