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HOTELLING'S RULE: The notion that efficiency and competitive market forces will lead to an increase of scarcity rent of a finite, exhaustible resource that is equal to the interest rate. The logic behind Hotelling's Rule is that as a finite fossil fuel is depleted, less is available in the future, causing scarcity rent, and thus the resource price, to increase. An increase in the resource price reduces the quantity demanded and conserves more for future consumption. When finite, exhaustible resource markets are competitive, this process generates an efficient allocation over time.
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COMPLEMENT-IN-CONSUMPTION One of two (or more) goods that provide satisfaction of a want or need when consumed together. A complement-in-consumption is one of two alternatives falling within the other prices determinant of demand. The other is a substitute-in-consumption. An increase in the price of one complement good causes a decrease in demand for the other. A complement-in-consumption has a negative cross elasticity of demand.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it." -- Dr. Joyce Brothers
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M&O
Management and Organization
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