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frank smith

Zero Sum Game - 0 views

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    In game theory and economic theory, zero-sum describes a situation in which a participant's gain or loss is exactly balanced by the losses or gains of the other participant(s). If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero. Zero-sum can be thought of more generally as constant sum where the benefits and losses to all players sum to the same value of money (or utility). Cutting a cake is zero- or constant-sum, because taking a larger piece reduces the amount of cake available for others. In contrast, non-zero-sum describes a situation in which the interacting parties' aggregate gains and losses is either less than or more than zero. Zero-sum games are also called strictly competitive.
frank smith

Free rider problem - 0 views

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    In economics, collective bargaining, psychology, and political science, "free riders" are those who consume more than their fair share of a public resource, or shoulder less than a fair share of the costs of its production. Free riding is usually considered to be an economic "problem" only when it leads to the non-production or under-production of a public good (and thus to Pareto inefficiency), or when it leads to the excessive use of a common property resource. The free rider problem is the question of how to limit free riding (or its negative effects) in these situations. The name "free rider" comes from a common textbook example: someone using public transportation without paying the fare. If too many people do this, the system will not have enough money to operate. In the context of labor unions, free rider means an employee who pays no union dues or agency shop fees, but nonetheless receives the same benefits of union representation as dues-payers. Under U.S. law, unions owe a duty of fair representation to all workers that they represent, regardless of whether they pay dues. Free riding has been a point of legal and political contention for decades.[1] Free riding is also a term used by brokerages when a client purchases shares beyond his or her means. Free riders are those who purchase shares and then do not pay for them.
frank smith

Wiki entry for TANSTAAFL - 2 views

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    Nice overview of the concept...
frank smith

Tanstaafl - 1 views

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    Excerpt from Heinlein's book "the moon is a harsh mistress" where the term was popularized.
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    one of my all-time favorites. 'specially the part about flying in the air circulator.
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    yeah me too. kind of a retelling of the American Revolution mixed with the Australian Experience.
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    That reminds me, I used to be a REAL SciFi fan, in grad. school, and I'd like to get back to reading Heinlein's, "The Moon is a Harsh Mistress!"
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