Consumer theory
In microeconomics, the theory of consumer choice relates preferences (for the consumption of both goods and services) to consumption expenditures; ultimately, this relationship between preferences and...
Consumer theory - Wikipedia
A Game-Changer For The Global Oil Market
Shale technology is a game-changer for the global oil market. Today, this new technology has been developed mostly in the U.S. And, over the past five years, shale oil production in the U.S. has incre...
Waiting For Pleasure
In a paper recently published in the European Journal of Neuroscience, they demonstrated that the hippocampus (associated with memory - see the rotating picture below) and the nucleus accumbens (assoc...
I tried the cash-only diet for 2 weeks
Going on a cash-only diet was a major wake-up call. A while back, Business Insider offered "13 tips to save up to $1,000 in 30 days or less," based on Ramit Sethi's challenge to help people save $1,00...
Agency Says Whole Foods Overcharges: 'Worst Case of Mislabeling'
A NYC agency's investigation of Whole Foods found systematic overcharging of customers for prepackaged food.
Substitute good
In consumer theory, substitute goods are products that a consumer perceives as similar or comparable, so that having more of one product makes him want less of the other product. Formally, X and Y are...
Substitute good - Wikipedia
Income effect
In economics and particularly in consumer choice theory, the income-consumption curve is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of ...
Income effect - Wikipedia
Slutsky equation
The Slutsky equation (or Slutsky identity) in economics, named after Eugen Slutsky (1880–1948), relates changes in Marshallian (uncompensated) demand to changes in Hicksian (compensated) demand, which...
Hicksian demand
In microeconomics, a consumer's Hicksian demand correspondence is the demand of a consumer over a bundle of goods that minimizes their expenditure while delivering a fixed level of utility. If the cor...
Backward bending supply curve of labour
In economics, a backward-bending supply curve of labour or backward-bending labour supply curve is a graphical device showing a situation in which, as "real" or inflation-corrected wages increase beyo...
Backward bending supply curve of labour - Wikipedia
Consumer behaviour
Consumer Behaviour is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs an...
Goods
Goods may refer to:
Utility
Utility, or usefulness, is the (perceived) ability of something to satisfy needs or wants. Utility is an important concept in economics and game theory, because it represents satisfaction experienced ...
Buying decision process
A buying decision process (or cost–benefit analysis) describes the process a customer goes through when buying a product. This buying decision model has gone through lots of interpretation by scholars...
Snob effect
In microeconomics, the snob effect is a phenomenon referring to the situation where the demand for a certain good by individuals of a higher income level is inversely related to the demand for the goo...
Generalized expected utility
The expected utility model developed by John von Neumann and Oskar Morgenstern dominated decision theory from its formulation in 1944 until the late 1970s, not only as a prescriptive, but also as a de...
A Game-Changer For The Global Oil Market
Shale technology is a game-changer for the global oil market. Today, this new technology has been developed mostly in the U.S. And, over the past five years, shale oil production in the U.S. has incre...
Waiting For Pleasure
In a paper recently published in the European Journal of Neuroscience, they demonstrated that the hippocampus (associated with memory - see the rotating picture below) and the nucleus accumbens (assoc...
Expected utility hypothesis
In economics, game theory, and decision theory the expected utility hypothesis refers to a hypothesis concerning people's preferences with regard to choices that have uncertain outcomes (gambles). Thi...
Tax incidence
In economics, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. Tax incidence is said to "fall" upon the group that ultimately bears the burden o...
I tried the cash-only diet for 2 weeks
Going on a cash-only diet was a major wake-up call. A while back, Business Insider offered "13 tips to save up to $1,000 in 30 days or less," based on Ramit Sethi's challenge to help people save $1,00...
Agency Says Whole Foods Overcharges: 'Worst Case of Mislabeling'
A NYC agency's investigation of Whole Foods found systematic overcharging of customers for prepackaged food.
Stanford marshmallow experiment
The Stanford marshmallow experiment was a series of studies on delayed gratification in the late 1960s and early 1970s led by psychologist Walter Mischel, then a professor at Stanford University. In t...
Overspending
Overspending is spending more money than one can afford. It is a common problem when easy credit is available. This can also be called 'investing' in the public sector when infrastructure payments ex...
Risk neutral
In economics and finance, risk neutral preferences are neither risk averse nor risk seeking. A risk neutral party's decisions are not affected by the degree of uncertainty in a set of outcomes, so a r...
Proebsting's paradox
Proebsting's paradox was named after Todd Proebsting, the creator of the paradox. In probability theory, Proebsting's paradox is an argument that appears to show that the Kelly criterion can lead to r...
Preference regression
Preference regression is a statistical technique used by marketers to determine consumers’ preferred core benefits. It usually supplements product positioning techniques like multi dimensional scalin...
Preference regression - Wikipedia
Marshallian demand function
In microeconomics, a consumer's Marshallian demand function (named after Marshall) specifies what the consumer would buy in each price and wealth situation, assuming it perfectly solves the utility ma...
Allais paradox
The Allais paradox is a choice problem designed by Maurice Allais (1953) to show an inconsistency of actual observed choices with the predictions of expected utility theory.
The Allais pa...