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LINE ITEM VETO: A policy intended to address the efficiency caused by legislative logrolling by giving executive officers who have veto authority over legislation (Presidents, Governors, Mayors), the ability to veto specific sections of a legislative act rather than the entire act. With a standard veto, the executive vetoes the entire piece of legislation. With line item veto, the executive can veto only parts of the legislation while signing the rest of it into law. While a line item veto is likely to reduce logrolling, it effectively gives the executive officer more power and authority.
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Lesson 20: Oligopoly | Unit 4: Analysis
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Page: 19 of 24
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- A handy way to analyze this type of market interdependence is through game theory.
- Game theory is an analysis that illustrates how the choices between two players affect the outcomes of a "game."
- Assume the market has only two firms, OmniCola and Juice-Up.
- Each is thinking about spending $50 million on advertising.
- This table presents alternative outcomes for different advertising choices by OmniCola and Juice-Up:
- If OmniCola and Juice-Up BOTH decide to advertising, then each receives $200 million in profit.
- However, if NEITHER OmniCola or Juice-Up decide to advertising, then each receives $250 million in profit.
- Alternatively, if OmniCola advertises but Juice-Up does not, then OmniCola receives $350 million in profit and Juice-Up receives only $100 in profit.
- But, if Juice-Up advertises and OmniCola does not, then Juice-Up receives $350 million in profit and OmniCola receives only $100 in profit.
- What to do?
- The end result is that both firms decide to advertise.
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INFORMATION The transfer of knowledge from one person to another. Information is a flow concept. It requires someone (or something) to do the sending and someone to do the receiving. Information is a valuable commodity that provides benefits, but also incurs an opportunity cost to produce, meaning information is never perfect or complete. The existence of asymmetric information (some have more information than others) gives rise to the problems of adverse selection, moral hazard, and the principal-agent problem.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for rusty deck screws.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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NPV
Net Present Value
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