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ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."
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FALLACY OF FALSE CAUSE: The logical fallacy of arguing that two events that are correlated (that is, happen at about the same time), are assumed to have a causal connection. In other words, one event causes the other. This was one of the more common fallacies committed by ancient ancestors. During the last full moon, your dog died. Obviously the full moon killed your dog. While this might seem reasonable to anyone spending their lives eating mastodon meat and sleeping in caves, it's actually the fallacy of false cause. See also | fallacy | fallacy of division | fallacy of composition | fallacy of false authority | fallacy of mass appeal | fallacy of personal attack | normative economics | positive economics | cause and effect | scientific method |
Recommended Citation:FALLACY OF FALSE CAUSE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: January 19, 2020].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: fallacy of false cause
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UTIL A hypothetical unit of measurement of utility that is commonly used by economists to present hypothetical information about utility and consumer demand theory. The util measurement unit was developed as a convenient way to illustrate and discuss concepts such as total utility, marginal utility, and the law of diminishing marginal utility. However, because utility is not a measurable characteristic, the util does represent an actual unit of measurement, such as inches or pounds.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for telephone calls from long-lost relatives.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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FV
Face Value
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