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IMPLICIT PRICE DEFLATOR: A price index calculated as the ratio nominal gross domestic product to real gross domestic product. Also commonly referred to as the GDP price deflator, the implicit price deflator is used as an indicator of the economy's average price level. This price index is tabulated and reported every three months along with the gross domestic product, national income, and related measures that make up the National Income and Product Accounts maintained by the Bureau of Economic Analysis (BEA).
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PRISONERS' DILEMMA: An application of game theory analysis in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment. The dilemma emerges because both prisoners are faced with the same choice -- confess or not confess -- but the outcome their choice depends on the choice made by the other prisoner. Unfortunately neither prisoner knows the choice of the other. If neither confesses, then they receive no punishment. If both confess, then they receive limited punishment, such as a year in jail. However, if one confesses and the other doesn't, the confessor receives light punishment, such as six months in jail, and the non confessor receives more severe punishment, such as five years in jail. The result is that both prisoners confess. See also | game theory | oligopoly | interdependence | competition among the few | collusion | advertising |
Recommended Citation:PRISONERS' DILEMMA, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: February 10, 2026].
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TIEBOUT HYPOTHESIS The notion that people relocate from one political jurisdiction to another in search of a more preferred package of government taxes and spending. Named after economist Charles Tiebout, this hypothesis suggests that people "shop" for compatible government activity in the same way they might shop for a car, a house, or a flavor of ice cream. However, shopping for a preferred government package is influenced by other factors affecting migration.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Cherish your visions and your dreams as they are the children of your soul; the blue prints of your ultimate achievements." -- Napoleon Hill, Author
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NE
Nash Equilibrium
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