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MARKET FAILURES: Conditions in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.
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ECONOMICS OF UNCERTAINTY The study of the role that uncertainty plays in the economy and in the allocation of resources, with special attention paid to the analysis of risk. Key topics in this area of study and analysis are risk preferences (aversion, neutrality, and loving) and the provision of insurance. This study of the economics of uncertainty is part of the broader study of the economics of information.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Learning is not compulsory, but neither is survival. " -- W. Edwards Deming, management consultant
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ARCH
Autoregressive Conditional Heteroskedasticity
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