Explore the three types of firms—sole proprietorships, partnerships, and corporations—and understand their structures, liabilities, and economic significance.
The political economy of labor examines the power dynamics between employers and workers, focusing on conflicts over wages, working conditions, and job security, shaped by
The Vickrey-Clarke-Groves mechanism is a strategy-proof method in mechanism design that ensures truthful reporting of preferences for efficient outcomes in public projects, auctions, and resource
The Edgeworth Box is a microeconomic model illustrating resource allocation and trade between two agents, exploring concepts like Pareto efficiency, competitive equilibrium, and the core
Explore the types of collusion in oligopoly—tacit, formal, and illegal—and understand their mechanisms, real-world examples, and impact on markets and consumers.
Explore the concepts of monotonicity, convexity, and differentiability in consumer preferences, key principles that explain consumer behavior and trade-offs in economics.
Explore how lotteries and preferences under uncertainty shape decision-making, highlighting the roles of risk aversion, expected utility, and real-world consumer behavior.
Explore the key differences between satisficing and optimizing in decision-making, highlighting how constraints shape choices and when each approach is most effective.
The Money Pump Argument illustrates how intransitive preferences in consumer choice can lead to exploitation, challenging traditional economic assumptions of rationality.
