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...
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...
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 ...
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...
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 ...
Time-based pricing
Time-based pricing is a pricing strategy where the provider of a service or supplier of a commodity, may vary the price depending on the time-of-day when the service is provided or the commodity is 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...
Joint demand
In economics, joint demand is a kind of demand that occurs when the demand for two or more products (or services) are interdependent, normally because they are used together. The demand for razor blad...
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.
Inferior good
In economics, an inferior good is a good that decreases in demand when consumer income rises (or rises in demand when consumer income decreases), unlike normal goods, for which the opposite is observe...
Constant elasticity of substitution
Constant elasticity of substitution (CES), in economics, is a property of some production functions and utility functions.More precisely, it refers to a particular type of aggregator function which co...
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...
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...
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...
Advertising elasticity of demand
Advertising elasticity of demand (or simply advertising elasticity, often shortened to AED) is an elasticity measuring the effect of an increase or decrease in advertising on a market. Although tradit...
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...
Market demand schedule
In economics, a market demand schedule is a table that lists the quantity of a good all consumers in a market will buy at every different price. A market demand schedule for a product indicates that t...