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Topic: Edgeworth paradox

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	Paradox - Wikipedia, the free encyclopedia
		A paradox is an apparently true statement or group of statements that seems to lead to a contradiction or to a situation that defies intuition.
		Paradoxes which are not based on a hidden error generally happen at the fringes of context or language, and require extending the context (or language) to lose their paradox quality.
		Edgeworth paradox: with capacity constraints, there may not be an equilibrium.
	en.wikipedia.org /wiki/Paradox (2296 words)

	Francis Ysidro Edgeworth
		Edgeworth's "range of final settlements" was later resurrected by Martin Shubik (1959) as the game-theoretic concept of "the core".
		Edgeworth also articulated what eventually became known as "Edgeworth's conjecture", namely that as the number of agents in an economy increase, the degree of indeterminacy is reduced.
		Edgeworth also set the utilitarian foundations for highly progressive taxation, arguing that the optimal distribution of taxes should be such that "the marginal disutility incurred by each taxpayer should be the same" (Edgeworth, 1897).
	cepa.newschool.edu /het/profiles/edgew.htm (3799 words)

	Origin of the Idea
		As explained in your text, the paradox is solved by looking at the marginal utilities of the last units of diamonds and water, not total utility.
		In his work as an economist, Edgeworth is recognized as one of the pioneers in applying mathematics to formulate and test economic theories.
		Edgeworth's indifference curves were reconstructed into their modern version by Vilfredo Pareto (1848-1923).
	highered.mcgraw-hill.com /sites/0072819359/student_view0/chapter21/origin_of_the_idea.html (1905 words)

	Criticism: Disowning to own: Maria Edgeworth and the illegitimacy of national ownership - Irish nationalism in the ...
		The paradox of inheritance in Ireland, then, is that it can not be owned by its Anglo-Irish holders, since they illegitimately seized it from the Irish children to whom it was owed.
		Vera Kreilkamp notes that in Edgeworth's novels, "past injustice--brutal conquests, expulsions of Catholic owners from their land, and a century of penal laws--is never a concern." (15) Edgeworth turns instead to the more complex task of inventing often extravagant fictional illegitimacies on which her characters' national possessions are founded.
		The illegitimate ownership that Edgeworth envisions as the power that binds Ireland and Great Britain promises a fullness of possession in which can be found both the full right to enjoyment and the sacrifice that operates as the founding moment of the nation.
	www.findarticles.com /p/articles/mi_m2220/is_4_44/ai_102981644/pg_2 (991 words)

	Online Encyclopedia and Dictionary - Edgeworth paradox
		In economics, the Edgeworth paradox describes a situation in which two players cannot reach a state of equilibrium with pure strategies, i.e.
		Unlike the Bertrand paradox, the situation of both companies charging zero-profit prices is not an equilibrium, since either company can raise its price and generate profits.
		Nor is the situation where one company charges less than the other an equilibrium, since the lower price company can profitably raise its price towards the higher price company's price.
	fact-archive.com /encyclopedia/Edgeworth_paradox (165 words)

	Limited, Inc.
		The Edgeworth Box (see this history by Humphrey) was invented by Francis Edgeworth in “his now famous Mathematical Psychics ([1881] 2003), a book of almost impenetrable erudition from this Irish economist.
		For Edgeworth, mathematics was a form of expression, a language, and because of its special qualities it was a tool or instrument both for expression of economic ideas and for reasoning about them.
		As Morgan puts it, the Edgeworth box “defines the locus of points at which exchange might be contracted as those where, whichever direction a move is made away from that set of points, one trader gets more and the other less utility.
	www.limitedinc.blogspot.com /2005/05/li-read-fascinating-article-by-mary.html (1815 words)

	PARADOX FACTS AND INFORMATION (Site not responding. Last check: 2007-11-04)
		The word ''paradox'' is often used interchangeably with ''contradiction''; but where a contradiction by definition cannot be true, many paradoxes do allow of resolution, though many remain unresolved or only contentiously resolved (such as Curry's_paradox).
		In moral_philosophy, paradox plays a particularly central role in debates on ethics.
		Ellsberg_paradox: A paradoxical result in experimental decision theory.
	www.mrspell.com /paradox (2084 words)

	What is Francis Ysidro Edgeworth? : Abaara fun facts and uncommon knowledge (Site not responding. Last check: 2007-11-04)
		Edgeworth was a highly influential figure in the development of
		indifference curve and the famous Edgeworth box which is now familiar to undergraduates of microeconomics.
		Edgeworth does not do justice to his matter.
	www.abaara.com /pac/Francis_Ysidro_Edgeworth (356 words)

	History of Economics Society 1999 Meeting, Abstracts (Site not responding. Last check: 2007-11-04)
		In economics, the theoretical problem of taste changing is a paradoxical one since the fundamental concept of rationality tends to be reduced by economists to consistency, a concept which explicitly excludes taste changing.
		Second, what prompted Edgeworth to rush off the badly edited text and publish it in the journal he edited, was the condescending manner in which Seligman responded to the criticisms Edgeworth had made earlier to the first 1892 edition of Seligman's book.
		Edgeworth kept invoking his "paradox of taxation" theorem as further evidence of the superiority of the mathematical method in economics.
	www.eh.net /HE/HisEcSoc/carchive/HES99_abstracts.shtml (19180 words)

	Paradox (Site not responding. Last check: 2007-11-04)
		Richard's paradox: A complete list of definitions of real numbers doesn't exist.
		Locudox - The opposite of a Paradox: First imagined by Portugese Mathematician Pedro Nunes.
		Given the human brain can describe a paradox it must be able to contain it, and the state where any given paradox ceases to display its inherent conflicting characteristics is decribed as a Locudox.
	encyclopedie-en.snyke.com /articles/paradox.html (2271 words)

	Abstracts of Papers by John Kolassa
		I demonstrate that the classical Edgeworth series provides an asymptotic expansion for the cumulative distribution function of a lattice random variable if the cumulants in this series are adjusted using Sheppard's corrections, and the series is evaluated at midpoints of the intervals between lattice points.
		This paper investigates the use of Edgeworth expansions for approximating the distribution function of the normalized sum of n independent and identically distributed lattice-valued random variables.
		In light of standard Edgeworth series results for random variables confined to a lattice, this result is counterintuitive.
	www.stat.rutgers.edu /~kolassa/abs.html (2822 words)

	Bertrand paradox (economics) - Encyclopedia Glossary Meaning Explanation Bertrand paradox (economics) (Site not responding. Last check: 2007-11-04)
		This article is about Bertrand's paradox in economics.
		Since both A and B know this they will each try to do this, until the product is selling at no profit.
		The Bertrand paradox rarely appears in practice because real products are almost always differentiated in some way other than price, companies have limitations on their capacity to manufacture and distribute, and two companies rarely have identical costs.
	www.encyclopedia-glossary.com /en/Bertrand-paradox-economics.html (287 words)

	Novel: A Forum on Fiction: Inter-nationalism: Castle Rackrent and Anglo-Irish union
		The answer seems, somehow, to be "both." Or rather: the answer seems, thanks to the uncanny logic of the supplement, to be "both." Edgeworth constructs a system in which loss of identity facilitates a union that will bring about loss of identity.
		The resultant sequential ambiguity is tactical, as Edgeworth attempts to show that Ireland on the one hand needs and on the other hand merits Union (see Butler 355).
		For a second loss of identity necessarily implies that the first loss of the identical identity was false or incomplete, since that identity has remained to be lost.
	www.findarticles.com /p/articles/mi_qa3643/is_199601/ai_n8740055/pg_5 (813 words)

	[No title]
		What he is best known for besides the Edgeworth box is the Edgeworth Paradox, that price competition between two firms with capacity constraints or upward sloping marginal cost curves can result in no equilibrium in pure strategies.
		Pages 117-121 of that article deal with the Edgeworth Paradox with capacity constraints, and much of the rest is concerned with the effect of taxes.
		Like Edgeworth, he made important contributions to both economics and statistics in a time when the fields were much more sharply differentiated than they are today.
	www.rasmusen.org /GI/reader/rprefaces.txt (7664 words)

	[No title] (Site not responding. Last check: 2007-11-04)
		It is therefore often used as a building block in models where that result is desired.
		The model also has the unfortunate property of yielding mixed strategy equilibria when firms have standard upward-sloping marginal cost curves, the Edgeworth Paradox.\footnote{Nonexistence of a pure strategy equilibrium when capacities are limited in a Cournot model was discovered by Edgeworth (1893).
		Edgeworth, Francis (1897) ``La teoria pura del monopolio'' {\it Giornale degli economisti.} 1925.
	www.indiana.edu /~iuecon/workpaps/PAPERS/ascii/96013.asc (5885 words)

	[No title]
		Examine the partial equilibrium effects of a tariff for a small country (10 minutes) A.
		Assume CMU is a large country, describe the general equilibrium effects associated with a tariff on its imported good.
		Be sure to include the possibility that the Metzler paradox might occur.
	www.andrew.cmu.edu /course/73-371/Trade_Midterm.doc (1235 words)

	Seminars in 2000
		The famous Banach-Tarski paradox asserts the existence of a partition of the unit sphere in three-dimensional Euclidean space into finitely many pieces which, after being rotated, can be reassembled in such a way as to produce two identical spheres of unit radius.
		Cochran's rule for the minimum sample size to ensure adequate coverage of nominal 95\% confidence intervals is derived using the Edgeworth expansion for the distribution function of the standardised sample mean.
		The performance of the rule and Edgeworth approximations for smaller sample sizes are examined by simulation.
	www.mcs.vuw.ac.nz /events/seminars/seminars-2000.html (9170 words)

	Paradox - Wikpedia (Site not responding. Last check: 2007-11-04)
		Robert Boyle's self-flowing flask fills itself in this diagram, but perpetual motion machines do not exist.
		Bertrand's paradox (probability): Different common-sense defintions of randomness give quite different results.
		Kavka's toxin puzzle: Can one intend to drink the nondeadly toxin, if the intention is the only thing needed to get the reward?
	www.bostoncoop.net /~tpryor/wiki/index.php?title=Paradox (2227 words)

	Kuiper Belt
		In the 1950's, Jan Oort hypothesized a vast cloud of comets surrounding the Sun at a distance of 50,000 AU.
		At about the same time, Edgeworth and Kuiper independently proposed that smaller disk-shaped clouds of comets might orbit the Sun just beyond the orbit of Neptune, which arobits the Sun at a distance of roughly 30 AU.
		The relative lack of small KBOs agrees with the constraints placed by Olbers Paradox and dynamical calculations of comets.
	www.cfa.harvard.edu /~kenyon/pf/kb (762 words)

	Expected Utility Theory: Selected References
		Allais (1979) "The So-Called Allais Paradox and Rational Decisions under Uncertainty", in Allais and Hagen, 1979.
		S.H. Chew (1983) "A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox", Econometrica, Vol.
		F.Y. Edgeworth (1908) " ", as reprinted in Edgeworth, 1925, Papers Relating to Political Economy, Vol.
	cepa.newschool.edu /het/essays/uncert/choiceref.htm (1867 words)

	Publisher description for Library of Congress control number 94010269 (Site not responding. Last check: 2007-11-04)
		This study addresses a paradox in the lives of women in Jane Austen's time who had no legal access to money yet were held responsible for domestic expenditure.
		The book translates the fictional money of the novels of Jane Austen's day into the power of contemporary spendable incomes, and from the perspective of what the British pound could buy at the market, the economic lives of women in the novels emerge as part of a general picture of women's economic disability.
		Through the work of writers such as Austen and Edgeworth, as well as those of magazine fiction, the author examines the professional lives of women authors, their publishers, their profits, and the demands of their reading public.
	www.loc.gov /catdir/description/cam026/94010269.html (197 words)

	Paradox - Art History Online Reference and Guide
		Socratic Paradox : One can never knowingly choose the lesser good or willingly do the wrong thing.
		Cursed Friend : If one is cursed into hurting one’s friends by just being with them, can one still be a friend and seek the other's company?
		Paradox of Denial : How can one accept oneself as one is, if one is not the way one thinks one should be?
	www.arthistoryclub.com /art_history/Paradox (2214 words)

	Phil Mirowski
		"A Paradox of Budgets: The Postwar Stabilization of American Neoclassical Demand Theory." in From Interwar Pluralism to Postwar Neoclassicism, eds.
		In 1932, he published an article in the Journal of Political Economy regarding the Edgeworth taxation paradox, which showed that the imposition of a tax on a particular good could actually lower both its price and the price of a related good.
		It seemed to offer a serious challenge to the theory of demand.
	www.mail-archive.com /pen-l@galaxy.csuchico.edu/msg40995.html (665 words)

	APRIL2 (Site not responding. Last check: 2007-11-04)
		We need to relax one of the three crucial assumptions of the model: infinite capacity, timing of the game, and product differentiation (more later).
		The Edgeworth Solution (capacity constraints) (See, also, pages 248 and 249 of CP)
		Assume that each firm has a capacity less than market quantity demanded at the competitive price, D(c).
	www.udel.edu /Economics/mulligaj/spring_1998/ec861/APRIL2.htm (828 words)

	:.Indian Encyclopedia.: (Site not responding. Last check: 2007-11-04)
		List of city name changes in Russia and Soviet Union
		There is another, different, Bertrand's paradox related to probability; see Bertrand's paradox (probability).
		In economics, the Bertrand paradox describes a situation in which two players reaching a state of Nash equilibrium find themselves with no profits.
	www.indianencyclopedia.com /index.php?title=Bertrand_paradox_(economics) (216 words)

	[No title]
		C. Rising MC, different across firms, in an Elbow Curve (my neologism) C1.
		1922 Edgeworth Paradox, item 62 in the Reader.
		Then, we expect, roughly, both market share and concentration to be significant.
	www.bus.indiana.edu /erasmuse/g604/lectures/03.Industry.studies.modern.doc (421 words)

	Evolution of EconomicThought (Site not responding. Last check: 2007-11-04)
		Cairnes and Sidgwick Contrasted With Marshall and Edgeworth Belonged to the
		Johnson and Slutsky had already shown a similar possibility earlier.
		He Followed Edgeworth's Definition of Economic Goods as Interdependent Goods.
	members.aol.com /jkgrope/thought.htm (2832 words)

	EconPapers: Bertrand-Edgeworth duopoly with linear costs: A tale of two paradoxes
		Bertrand-Edgeworth duopoly with linear costs: A tale of two paradoxes
		If, however, the firms produce to order then all subgame perfect Nash equilibria involve the firms charging a price equal to marginal cost.
		Keywords: Bertrand paradox; Edgeworth paradox; linear cost (search for similar items in EconPapers)
	econpapers.repec.org /paper/indisipdp/04-13.htm (210 words)

	Theory of the Core
		By accessing this site or its contents you agree to the below terms.
		Francis Edgeworth (1845-1926), theory of the core analyzes those parts of the economy which cannot be improved upon by individual or concerted action.
		Theory of the core is a fundamental equilibrium aspect of modern macroeconomics, the core coinciding with a set of price equilibria under perfect competition.
	www.economyprofessor.com /economictheories/theory-of-the-core.php (99 words)

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