Economics

← Back to Domain-Specific Abstractions by Domain

28 domain-specific abstractions whose origin domain is Economics.

• Additionality — Attribute only the outcome increment that would not have occurred without an intervention, using an explicit counterfactual baseline and adjustments for displaced, leaked, substituted, or already-planned activity.
• Allocative efficiency — An economic state in which resources and output mix cannot be reallocated to make someone better off without making another worse off, often characterized under competitive assumptions by price equaling marginal cost.
• Autoregressive Conditional Duration — Model positive intervals between irregular events as a unit-mean innovation times a conditional expected duration that evolves from past durations and past conditional means.
• Bertrand competition — A strategic market model in which firms choose prices while buyers select quantities at the offered prices.
• Bertrand–Edgeworth model — Model homogeneous-product price competition among capacity-constrained sellers under an explicit rationing rule, so residual demand can prevent the pure marginal-cost equilibrium of unconstrained Bertrand competition.
• Canadian Index of Consumer Confidence — A recurring four-question survey index that compresses Canadian households’ assessments of recent and expected finances, near-term employment, and major-purchase conditions into a method-versioned sentiment series.
• Competitive Equilibrium — A price vector and feasible allocation at which consumers and firms optimize given prices and every market clears simultaneously.
• Credit rationing — Restrict the quantity of lending available to some observationally willing borrowers at the quoted terms because information, incentives, risk, or institutional constraints prevent price alone from clearing the credit market.
• Discount function — Map delay to a present weight applied to future utility, payoff, or value, making timing assumptions explicit and distinguishing exponential consistency from nonexponential patterns.
• Generalized entropy index — A parameterized family of decomposable inequality measures computed from powers or logarithms of each observation's ratio to the population mean.
• Hedonic regression — Regress the price or rent of a differentiated good on its characteristics to estimate an implicit price surface and, with additional assumptions, demand or welfare effects.
• Hicksian demand function — A compensated demand function giving expenditure-minimizing quantities at prices while holding utility fixed.
• Housing Affordability Index — A normalized indicator that compares a defined household's income or purchasing capacity with the housing costs of a defined dwelling or market, making affordability trends and geographic differences legible only under explicit financing, tenure, cost, and population assumptions.
• Imputation (Game Theory) — A payoff allocation in a transferable-utility cooperative game that distributes the grand coalition's entire worth while giving every player at least its stand-alone coalition value.
• Index (Economics) — A normalized statistic comparing the level or change of a specified economic aggregate across periods, places, or populations relative to a declared base using explicit items, weights, and an aggregation formula.
• Informal Economy — Economic activities by workers and units that are, in law or practice, not covered or insufficiently covered by formal arrangements, spanning both informal enterprises and informal jobs.
• Kalai–Smorodinsky Bargaining Solution — Select the Pareto-efficient feasible agreement that equalizes each bargainer's gain above disagreement as a proportion of that bargainer's maximum feasible gain.
• Multiple principal problem — Analyze delegation when one agent answers to several principals whose preferences, contracts, monitoring, or accountability demands interact and can conflict, duplicate, or free-ride.
• Multiplier Uncertainty — Represent uncertainty about how strongly a policy instrument changes its target, making optimal intervention depend on the distribution and covariance of the transmission coefficient rather than only its estimated mean.
• Non-convexity (economics) — An economic setting in which preferences, technologies or feasible sets violate convexity, allowing indivisibilities, increasing returns and multiple or unsupported competitive outcomes.
• Price Level — A normalized aggregate of prices for a defined economic domain and period whose ratios track the common monetary-price component used to measure inflation, purchasing-power change, and real-versus-nominal magnitudes.
• Productive capacity — The maximum sustainable output an economy, organization, asset or resource base can produce with its available capabilities and linkages.
• Purchasing Managers' Index — A Purchasing Managers' Index converts recurring business-panel reports of improvement, no change, or deterioration into diffusion indices centered at 50, often combining selected components into a timely headline indicator.
• Sargan–Hansen Test — An overidentification test for instrumental-variable or GMM models that asks whether surplus instruments are jointly orthogonal to fitted residual moments, conditional on at least one maintained valid identifying set.
• Structural Break — Locate a time boundary at which one or more parameters of a statistical data-generating relationship change, so observations on the two sides no longer share one invariant regression or time-series regime.
• Taleb Distribution — A negatively skewed payoff profile in which frequent small gains conceal rare, very large losses that dominate long-run value and can be hidden by finite samples and asymmetric incentives.
• University of Michigan Consumer Sentiment Index — A monthly, base-normalized survey index compressing U.S. households' assessments of personal finances and current and expected economic conditions into a comparable consumer-sentiment time series.
• Vickrey–Clarke–Groves mechanism — Select an outcome maximizing reported total value and charge Groves transfers that make each agent internalize their effect on others, yielding truthful reporting as a dominant strategy under quasilinear assumptions.