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Pareto efficiency

Pareto efficiency
Pareto efficiency, or Pareto optimality, is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off. The term is named after Vilfredo Pareto (1848–1923), an Italian economist who used the concept in his studies of economic efficiency and income distribution.[citation needed] The concept has applications in academic fields such as economics and engineering. For example, suppose there are two consumers A & B and only one resource X. Suppose X is equal to 20. Pareto efficiency is a minimal notion of efficiency and does not necessarily result in a socially desirable distribution of resources: it makes no statement about equality, or the overall well-being of a society.[1][2] The notion of Pareto efficiency can also be applied to the selection of alternatives in engineering and similar fields. Pareto efficiency in short[edit] It is commonly accepted[by whom?] Weak Pareto efficiency[edit] for each i and

Why Choice Makes People Miserable: Opportunity cost History[edit] The term was first used in 1914 by Austrian economist Friedrich von Wieser in his book Theorie der gesellschaftlichen Wirtschaft [4] (Theory of Social Economy). The idea had been anticipated by previous writers including Benjamin Franklin and Frédéric Bastiat. Franklin coined the phrase "Time is Money", and spelt out the associated opportunity cost reasoning in his “Advice to a Young Tradesman” (1746): “Remember that Time is Money. He that can earn Ten Shillings a Day by his Labour, and goes abroad, or sits idle one half of that Day, tho’ he spends but Sixpence during his Diversion or Idleness, ought not to reckon That the only Expence; he has really spent or rather thrown away Five Shillings besides.” Bastiat's 1848 essay "What Is Seen and What Is Not Seen" used opportunity cost reasoning in his critique of the broken window fallacy, and of what he saw as spurious arguments for public expenditure. Opportunity costs in production[edit] Explicit costs[edit] Implicit costs[edit]

Howard Moskowitz Howard Moskowitz is an American market researcher and psychophysicist. He is best known for the detailed study he made of the types of spaghetti sauce and horizontal segmentation. By providing a large number of options for consumers, Moskowitz pioneered the idea of intermarket variability as applied to the food industry.[1] Howard Moskowitz is the CEO of i-Novation Inc as well as President of Moskowitz Jacobs Inc., a firm he founded in 1981. Dr. His latest book with co-author Alex Gofman, Selling Blue Elephants [2] demonstrates and popularizes how IdeaMap (i-Novation`s flagship product) creates new products and messages... from areas as diverse as credit cards, jewelry offers, presidential messaging during election years, stock market communications, and trans-national innovation. Moskowitz has won the Scientific Director`s Gold Medal for outstanding research at the U.S. In 2005, Dr. Products[edit] See also[edit] References[edit] External links[edit]

Psychophysics Psychophysics also refers to a general class of methods that can be applied to study a perceptual system. Modern applications rely heavily on threshold measurement,[3] ideal observer analysis, and signal detection theory.[4] Psychophysics has widespread and important practical applications. As just one example, in the study of digital signal processing, psychophysics has informed the development of models and methods of lossy compression. History[edit] Many of the classical techniques and theories of psychophysics were formulated in 1860 when Gustav Theodor Fechner in Leipzig published Elemente der Psychophysik.[5] He coined the term "psychophysics", describing research intended to relate physical stimuli to the contents of consciousness such as sensations (Empfindungen). Fechner's work was studied and extended by Charles S. Omar Khaleefa[14] has argued that the medieval scientist Alhazen should be considered the founder of psychophysics. Thresholds[edit] Detection[edit] Notes[edit]

Moskowitz Jacobs Inc.'s Executive Management Howard Moskowitz is the CEO of i-Novation Inc as well as President of Moskowitz Jacobs Inc., a firm he founded in 1981. Dr. Moskowitz is both a well-known experimental psychologist in the field of psychophysics and an inventor of world-class market research technology. Dr. His extensive speaking engagements span both scientific and market research conferences, as well as guest lectures at leading business schools and food science schools. Dr. The self-authored concept technology has brought concept/package design development and innovation into the realm of the researcher, significantly reducing cost, time and effort for new product and service development. In 2005, Dr.

- LifeEdited Neuroplasticity Contrary to conventional thought as expressed in this diagram, brain functions are not confined to certain fixed locations. Neuroplasticity, also known as brain plasticity, is an umbrella term that encompasses both synaptic plasticity and non-synaptic plasticity—it refers to changes in neural pathways and synapses which are due to changes in behavior, environment and neural processes, as well as changes resulting from bodily injury.[1] Neuroplasticity has replaced the formerly-held position that the brain is a physiologically static organ, and explores how - and in which ways - the brain changes throughout life.[2] Neuroplasticity occurs on a variety of levels, ranging from cellular changes due to learning, to large-scale changes involved in cortical remapping in response to injury. The role of neuroplasticity is widely recognized in healthy development, learning, memory, and recovery from brain damage. Neurobiology[edit] Cortical maps[edit] Applications and example[edit] Vision[edit]

Mind Self Reflection