Uncertainty, Profit, and the Limits of Markets

2021 ◽  
pp. 106591292110358
Author(s):  
Roni Hirsch
Keyword(s):  
Allocative Efficiency ◽  
Market Model ◽  
Perfect Competition ◽  
Political Debate ◽  
Trade Off ◽  
Starting Point ◽  
Knowledge Uncertainty ◽  
Market Benefits ◽  
Capitalist Democracies ◽  
The Ideal

The neoclassical market model is the overwhelming basis for contemporary views of markets as fair, efficient, or both. But is it an appropriate starting point? The article draws on Frank Knight’s 1920s work on the economics of uncertainty to show that the ideal of perfect competition conceals a tacit trade-off between equality and certainty. Largely undetected, this trade-off continues to govern financialized capitalist democracies, evading normative and political debate. By explaining how markets and firms resolve the problem of uncertainty, Knight shows that all supposed market benefits, even allocative efficiency, are not costless to society. More specifically, Knight argued that modern markets are premised on a tacit agreement between a handful of “daring” entrepreneurs and the “risk-averse” public: the former agree to carry the uncertainties of business-life in return for a substantially larger share of its power and rewards. Despite the highly static assumptions of neoclassicism, therefore, and its linked assumption of perfect knowledge, uncertainty is far from absent in modern economics. It is built into firms and markets and manifests itself as a steep social and material hierarchy.

Theoretical determination of the structures of CaSiO3 perovskites

2006 ◽  
Vol 62 (6) ◽  
pp. 1025-1030 ◽  
Author(s):  
Razvan Caracas ◽  
Renata M. Wentzcovitch
Keyword(s):  
Crystal Structure ◽  
Experimental Data ◽  
Density Functional Theory ◽  
Density Functional ◽  
Theoretical Determination ◽  
Functional Theory ◽  
Starting Point ◽  
Atomic Coordinates ◽  
The Ideal

Density functional theory is used to determine the possible crystal structure of the CaSiO3 perovskites and their evolution under pressure. The ideal cubic perovskite is considered as a starting point for studying several possible lower-symmetry distorted structures. The theoretical lattice parameters and the atomic coordinates for all the structures are determined, and the results are discussed with respect to experimental data.

Inequality and the division of labor: the Davis-Moore theory reexamined

1999 ◽  
Vol 40 (2) ◽  
pp. 233-256
Author(s):  
Dennis H. Wrong
Keyword(s):  
Social Inequality ◽  
Division Of Labor ◽  
Division Of Labour ◽  
Market Model ◽  
Starting Point ◽  
Recent Debate ◽  
Occupational Selection ◽  
Limited Scope

Social inequality has long been subject to theoretical dispute with moral and political overtones. The most recent debate was over the argument of American sociologists Kingsley Davis and Wilbert Moore that unequal rewards were ‘functionally’ necessary to maintain a complex division of labour. Their theory has gained new credibility as a market model of occupational selection assuming competition among self-interested individuals. Its abstractness and limited scope need recognition, but it remains a valuable starting point for the consideration of inequality.

The Holistic and Policy-Focused Interpretation of Hypothetical Insurance

2015 ◽  
Vol 2 (1) ◽  
Author(s):  
Douglas Bamford
Keyword(s):  
Insurance Scheme ◽  
Starting Point ◽  
Holistic Interpretation ◽  
The Ideal

AbstractThis paper argues that the best interpretation of Ronald Dworkin’s hypothetical insurance scheme is a holistic one that allows the parties to make choices between the policies that are available. This interpretation contrasts with the hypothecated and insurance-focused aspects that are traditionally understood as part of the procedure. The paper argues that the holistic interpretation better fits with the ideal of resource egalitarianism that people should have as much choice as possible from an equal starting point. It does so by allowing people a choice over the policies that will be used to achieve their insurance preferences.

The morphology of proximal pole scaphoid fractures: implications for optimal screw placement

2017 ◽  
Vol 43 (1) ◽  
pp. 73-79 ◽  
Author(s):  
Timothy J. Luchetti ◽  
Youssef Hedroug ◽  
John J. Fernandez ◽  
Mark S. Cohen ◽  
Robert W. Wysocki
Keyword(s):  
Sagittal Plane ◽  
Fracture Line ◽  
Screw Thread ◽  
Proximal Pole ◽  
Screw Insertion ◽  
Scaphoid Fractures ◽  
Starting Point ◽  
Screw Length ◽  
Sagittal Image ◽  
The Ideal

The purpose of this study was to measure the radiographic parameters of proximal pole scaphoid fractures, and calculate the ideal starting points and trajectories for antegrade screw insertion. Computed tomography scans of 19 consecutive patients with proximal pole fractures were studied using open source digital imaging and communications in medicine (DICOM) imaging measurement software. For scaphoid sagittal measurements, fracture inclination was measured with respect to the scaphoid axis. The ideal starting point for a screw in the proximal pole fragment was then identified on the scaphoid sagittal image that demonstrated the largest dimensions of the proximal pole, and hence the greatest screw thread purchase. Measurements were then taken for a standard screw trajectory in the axis of the scaphoid, and a trajectory that was perpendicular to the fracture line. The fracture inclination in the scaphoid sagittal plane was 25 (SD10) °, lying from proximal palmar to dorsal distal. The fracture inclination in the coronal plane was 9 (SD16) °, angling distal radial to proximal ulnar with reference to the coronal axis of the scaphoid. Using an ideal starting point that maximized the thread purchase in the proximal pole, we measured a maximum screw length of 20 (SD 2) mm when using a screw trajectory that was perpendicular to the fracture line. This was quite different from the same measurements taken in a trajectory in the axis of the scaphoid. We also identified a mean distance of approximately 10 mm from the dorsal fracture line to the ideal starting point. A precise understanding of this anatomy is critical when treating proximal pole scaphoid fractures surgically.

Smart Citizens, Wise Decisions

2019 ◽  
pp. 974-997
Author(s):  
Maria de Lurdes Calisto ◽  
Ana Gonçalves
Keyword(s):  
Smart Cities ◽  
Sustainable Tourism ◽  
Starting Point ◽  
Tourism Activity ◽  
Tourism Destinations ◽  
Tourism And Hospitality ◽  
Opening Up ◽  
The Ideal

This chapter takes as its research starting point a critical and convergent review and reexamination of existing theory and knowledge about entrepreneurship and sustainability. We question whether smart cities provide the ideal context for sustainability entrepreneurship (SE) to emerge and how sustainability-driven entrepreneurs can contribute to the development of smarter and more sustainable tourism destinations. Hence, we examine SE tourism and hospitality businesses implemented by these so-called ‘smart citizens' in Lisbon (Portugal), a city that arguably provides the necessary context for smart decisions to flourish. This chapter thus aims at opening up new modes of inquiry and questioning existing epistemologies on the study of smart cities and entrepreneurship that help breaking new ground about the role of entrepreneurs in the tourism activity.

Epicureanism

2021 ◽  
pp. 115-140
Author(s):  
Christopher W. Gowans
Keyword(s):  
Human Nature ◽  
Mental Distress ◽  
Moral Virtue ◽  
Well Being ◽  
Fear Of Death ◽  
Philosophical Foundation ◽  
Physical Pain ◽  
Ideal State ◽  
Starting Point ◽  
The Ideal

The chapter argues that ancient Epicureanism (mainly Epicurus, Lucretius, and Philodemus) is plausibly interpreted as a self-cultivation philosophy. The existential starting point is a life of irrational fears and frustrated desires. The ideal state of well-being is a life of pleasure, understood primarily as the absence of physical pain and mental distress (more tranquilism than hedonism). This ideal life is free of fear of death and the gods, and it is devoted to friendship, moral virtue, and the pursuit of desires only if they are natural and necessary. The philosophical foundation is a materialist, atomistic theory of nature and human nature that entails that death is nothing to fear, the gods are unconcerned with us, and only natural and necessary desires are important. We achieve this ideal through spiritual exercises that involve learning Epicurean philosophy, modifying desires, and cultivating virtue in a community of like-minded people.

1. The power of competition

2021 ◽  
pp. 4-12
Author(s):  
Ariel Ezrachi
Keyword(s):  
Consumer Welfare ◽  
Perfect Competition ◽  
Goods And Services ◽  
Intensity Of Competition ◽  
The Ideal

‘The power of competition’ discusses the power of competition. The nature of the product and the structure of the market affect the intensity of competition and subsequently the price and quality of goods and services. The model of perfect competition illustrates the ideal market scenario — a perfect market which maximizes consumer welfare. There are a number of consequences of limited competition in a market dominated by a monopoly. In such a market, a single firm offers the product or service. There is also a type of market called an oligopoly, which is characterized by a few key competitors.

scholarly journals Identification of the Efficiency Gap by Coupling a Fundamental Electricity Market Model and an Agent-Based Simulation Model

Energies ◽  
2020 ◽  
Vol 13 (15) ◽  
pp. 3920
Author(s):  
Laura Torralba-Díaz ◽  
Christoph Schimeczek ◽  
Matthias Reeg ◽  
Georgios Savvidis ◽  
Marc Deissenroth-Uhrig ◽  
...  
Keyword(s):  
Simulation Model ◽  
Electricity Market ◽  
Policy Instruments ◽  
Cost Effective ◽  
Market Model ◽  
Perfect Competition ◽  
Agent Based Simulation ◽  
Agent Based ◽  
Target States ◽  
Efficiency Gap

A reliable and cost-effective electricity system transition requires both the identification of optimal target states and the definition of political and regulatory frameworks that enable these target states to be achieved. Fundamental optimization models are frequently used for the determination of cost-optimal system configurations. They represent a normative approach and typically assume markets with perfect competition. However, it is well known that real systems do not behave in such an optimal way, as decision-makers do not have perfect information at their disposal and real market actors do not take decisions in a purely rational way. These deficiencies lead to increased costs or missed targets, often referred to as an “efficiency gap”. For making rational political decisions, it might be valuable to know which factors influence this efficiency gap and to what extent. In this paper, we identify and quantify this gap by soft-linking a fundamental electricity market model and an agent-based simulation model, which allows the consideration of these effects. In order to distinguish between model-inherent differences and non-ideal market behavior, a rigorous harmonization of the models was conducted first. The results of the comparative analysis show that the efficiency gap increases with higher renewable energy shares and that information deficits and policy instruments affect operational decisions of power market participants and resulting overall costs significantly.

The Mechanics of Ideal Forming

1994 ◽  
Vol 61 (1) ◽  
pp. 176-181 ◽  
Author(s):  
K. Chung ◽  
O. Richmond
Keyword(s):  
Process Design ◽  
Three Dimensional ◽  
Field Equations ◽  
Starting Point ◽  
Deformation Processes ◽  
External Forces ◽  
Minimum Work ◽  
Yield Conditions ◽  
The Ideal

In this paper, the mechanics of ideal forming theory are summarized for general, three-dimensional, nonsteady processes. This theory has been developed for the initial stages of designing deformation processes. The objectives is to directly determine configurations, both initial and intermediate, that are required to ideally form a specified final shape. In the proposed theory, material elements are prescribed to deform along minimum plastic work paths, assuming that the materials have optimum formabilities in such paths. Then, the ideal forming processes are obtained so as to have the most uniform strain distributions in final products without shear tractions. As solutions, the theory provides the evolution of intermediate shapes of products and external forces as well as optimum strain distributions. Since the requirement of ideal forming to follow minimum work paths involves an over determination of the field equations, the theory places constraints on constitutive and boundary conditions. For example, tool interfaces must be frictionless and yield conditions must have vertices to achieve self-equilibrating three-dimensional deformations in most cases. Despite these constraints, the theory is believed to provide a useful starting point for deformation process design.

scholarly journals Złożoność zjawiska mowy nienawiści w pozaprawnym aspekcie definicyjnym

2017 ◽  
Vol 39 (2) ◽  
pp. 117-135
Author(s):  
Michał Urbańczyk ◽  
Ewelina Rogalska
Keyword(s):  
Public Sphere ◽  
Hate Speech ◽  
Public Debate ◽  
Political Debate ◽  
Starting Point

THE COMPLEXITY OF THE HATE SPEECH PHENOMENON IN TERMS OF ITS NON-LEGAL DEFINITIONAL ASPECTThe starting point is thinking that the modern political debate manifests in the degradation of the culture of discussion. One of the issues that can be observed next to this phenomenon is the brutalization of the language of public debate — hate speech is becoming more and more common. The aim of the paper is the description and the characteristic of vital aspects which appear in accordance to the designation of hate speech and its manifestations in public sphere.

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