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In economics, utility is a measure of the satisfaction that a certain person has from a certain state of the world. Over time, the term has been used in two different meanings.
Baen Books is an American publishing house for science fiction and fantasy. In science fiction, it emphasizes space opera, hard science fiction, and military science fiction. The company was established in 1983 by science fiction publisher and editor Jim Baen. After his death in 2006, he was succeeded as publisher by long-time executive editor Toni Weisskopf.
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption, by maximizing utility subject to a consumer budget constraint. Factors influencing consumers' evaluation of the utility of goods include: income level, cultural factors, product information and physio-psychological factors.
In marketing, product bundling is offering several products or services for sale as one combined product or service package. It is a common feature in many imperfectly competitive product and service markets. Industries engaged in the practice include telecommunications services, financial services, health care, information, and consumer electronics. A software bundle might include a word processor, spreadsheet, and presentation program into a single office suite. The cable television industry often bundles many TV and movie channels into a single tier or package. The fast food industry combines separate food items into a "meal deal" or "value meal".
In marketing jargon, product lining refers to the offering of several related products for individual sale. Unlike product bundling, where several products are combined into one group, which is then offered for sale as a units, product lining involves offering the products for sale separately. A line can comprise related products of various sizes, types, colors, qualities, or prices. Line depth refers to the number of subcategories under a category. Line consistency refers to how closely related the products that make up the line are. Line vulnerability refers to the percentage of sales or profits that are derived from only a few products in the line.
Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of product.
In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e. fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes.
In economics and particularly in consumer choice theory, the income-consumption curve is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.
In economics and particularly in consumer choice theory, the substitution effect is one component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.
In cryptography, confusion and diffusion are two properties of the operation of a secure cipher identified by Claude Shannon in his 1945 classified report A Mathematical Theory of Cryptography. These properties, when present, work together to thwart the application of statistics and other methods of cryptanalysis.
Pay television, also known as subscription television, premium television or, when referring to an individual service, a premium channel, refers to subscription-based television services, usually provided by multichannel television providers, but also increasingly via digital terrestrial and streaming television. In the United States, subscription television began in the late 1970s and early 1980s in the form of encrypted analog over-the-air broadcast television which could be decrypted with special equipment. The concept rapidly expanded through the multi-channel transition and into the post-network era. Other parts of the world beyond the United States, such as France and Latin America have also offered encrypted analog terrestrial signals available for subscription.
In economics, nominal value refers to value measured in terms of absolute money amounts, whereas real value is considered and measured against the actual goods or services for which it can be exchanged at a given time. For example, if one is offered a salary of $40,000, in that year, the real and nominal values are both $40,000. The following year, any inflation means that although the nominal value remains $40,000, because prices have risen, the salary will buy fewer goods and services, and thus its real value has decreased in accordance with inflation. On the other hand, an asset that holds its value, such as a diamond, may increase in nominal price from year to year, but its real value, i.e. its value in relation to other goods and services for which it can be exchanged, or its purchasing power, is consistent over time, because inflation has affected both its nominal value and other goods' nominal values. In spite of changes in the price, it can be sold and an equivalent amount of other gemstones such as emeralds can be purchased, because the emeralds' prices will have increased with inflation as well.
Utility maximization was first developed by utilitarian philosophers Jeremy Bentham and John Stuart Mill. In microeconomics, the utility maximization problem is the problem consumers face: "How should I spend my money in order to maximize my utility?" It is a type of optimal decision problem. It consists of choosing how much of each available good or service to consume, taking into account a constraint on total spending (income), the prices of the goods and their preferences.
The bundle of rights is a metaphor to explain the complexities of property ownership. Law school professors of introductory property law courses frequently use this conceptualization to describe "full" property ownership as a partition of various entitlements of different stakeholders.
Nonlinearity is a property of mathematical functions or data that cannot be graphed on straight lines, systems whose output(s) are not directly proportional to their input(s), objects that do not lie along straight lines, shapes that are not composed of straight lines, or events that are shown or told out-of-sequence.
Subgradient methods are convex optimization methods which use subderivatives. Originally developed by Naum Z. Shor and others in the 1960s and 1970s, subgradient methods are convergent when applied even to a non-differentiable objective function. When the objective function is differentiable, sub-gradient methods for unconstrained problems use the same search direction as the method of steepest descent.
Robert Butler "Bob" Wilson, Jr. is an American economist and the Adams Distinguished Professor of Management, Emeritus at Stanford University. He was jointly awarded the 2020 Nobel Memorial Prize in Economic Sciences, together with his Stanford colleague and former student Paul R. Milgrom, "for improvements to auction theory and inventions of new auction formats". Two more of his students, Alvin E. Roth and Bengt Holmström, are also Nobel Laureates in their own right.
In photogrammetry and computer stereo vision, bundle adjustment is simultaneous refining of the 3D coordinates describing the scene geometry, the parameters of the relative motion, and the optical characteristics of the camera(s) employed to acquire the images, given a set of images depicting a number of 3D points from different viewpoints. Its name refers to the geometrical bundles of light rays originating from each 3D feature and converging on each camera's optical center, which are adjusted optimally according to an optimality criterion involving the corresponding image projections of all points.
A pricing schedule is a function that maps the quantity of a good purchased to the total price paid.
Humble Bundle, Inc. is a digital storefront for video games, which grew out of its original offering of Humble Bundles, collections of games sold at a price determined by the purchaser and with a portion of the price going towards charity and the rest split between the game developers. Humble Bundle continues to offer these limited-time bundles, but have expanded to include a greater and more persistent storefront. The Humble Bundle concept was initially run by Wolfire Games in 2010, but by its second bundle, the Humble Bundle company was spun out to manage the promotion, payments, and distribution of the bundles. In October 2017, the company was acquired by Ziff Davis through its IGN Entertainment subsidiary.
References
- Walter Nicholson, Christopher Snyder - Microeconomic Theory: Basic Principles and Extensions, Eleventh Edition
