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NOBEL PRIZE IN ECONOMIC SCIENCES: An award given annually since 1969 to an economist or scholar in recognition of a major contribution to the study of economics. It was established by the Bank of Sweden and is annually awarded by the Royal Swedish Academy of Sciences in Stockholm. The official name of the award is The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It is the only Nobel Prize awarded for a social science. The first Nobel Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.
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OLIGOPSONY A market characterized by a small number of large buyers controlling the buying-side of a market. Oligopsony is the buying-side equivalent of a selling-side oligopoly. Much as a oligopoly is a market dominated by a few large sellers, oligopsony is a market dominated by a few large buyers. While oligopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a handful of firms control the buying of a factor. Two related buying side market structures are monopsony and monopsonistic competition.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Being defeated is only a temporary condition; giving up is what makes it permanent." -- Marilyn vos Savant, Author
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VIR
Variable Interest Rate
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