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KEOGH PLAN: A savings retirement plan for self-employed workers authorized by the Self-Employment Individuals Retirement Act (1982). A Keogh plan is similar to an IRA (individual retirement account), but is a bit more complicated to establish. Like other private pension plans, income diverted to Keogh plans are tax deferred, that is, taxes on not paid on the income until it is withdrawn during retirement.
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PRISONERS' DILEMMA: An application of game theory analysis in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment. The dilemma emerges because both prisoners are faced with the same choice -- confess or not confess -- but the outcome their choice depends on the choice made by the other prisoner. Unfortunately neither prisoner knows the choice of the other. If neither confesses, then they receive no punishment. If both confess, then they receive limited punishment, such as a year in jail. However, if one confesses and the other doesn't, the confessor receives light punishment, such as six months in jail, and the non confessor receives more severe punishment, such as five years in jail. The result is that both prisoners confess. See also | game theory | oligopoly | interdependence | competition among the few | collusion | advertising |
Recommended Citation:PRISONERS' DILEMMA, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 7, 2024].
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SEIGNIORAGE The difference between the face value, or value in exchange, of money and the cost of producing the money. This seigniorage is effectively the profit government generates from producing currency--printing paper bills or minting metal coins. That is, government effectively "makes money" by making money.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Adversity is another way to measure the greatness of individuals. I never had a crisis that didn't make me stronger. " -- Lou Holtz, Football Coach
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EER
European Economic Review
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