Nash equilibriumIn game theory, the Nash equilibrium, named after the mathematician John Nash, is the most common way to define the solution of a non-cooperative game involving two or more players. In a Nash equilibrium, each player is assumed to know the equilibrium strategies of the other players, and no one has anything to gain by changing only one's own strategy. The principle of Nash equilibrium dates back to the time of Cournot, who in 1838 applied it to competing firms choosing outputs.
Allocative efficiencyAllocative efficiency is a state of the economy in which production is aligned with consumer preferences; in particular, the set of outputs is chosen so as to maximize the wellbeing of society. This is achieved if every good or service is produced up until the last unit provides a marginal benefit to consumers equal to the marginal cost of production. In economics, allocative efficiency entails production at the point on the production possibilities frontier that is optimal for society.
Social choice theorySocial choice theory or social choice is a theoretical framework for analysis of combining individual opinions, preferences, interests, or welfares to reach a collective decision or social welfare in some sense. Whereas choice theory is concerned with individuals making choices based on their preferences, social choice theory is concerned with how to translate the preferences of individuals into the preferences of a group. A non-theoretical example of a collective decision is enacting a law or set of laws under a constitution.
EfficiencyEfficiency is the often measurable ability to avoid wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste. In more mathematical or scientific terms, it signifies the level of performance that uses the least amount of inputs to achieve the highest amount of output. It often specifically comprises the capability of a specific application of effort to produce a specific outcome with a minimum amount or quantity of waste, expense, or unnecessary effort.
Foundations of Economic AnalysisFoundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 (Enlarged ed., 1983) by Harvard University Press. It is based on Samuelson's 1941 doctoral dissertation at Harvard University. The book sought to demonstrate a common mathematical structure underlying multiple branches of economics from two basic principles: maximizing behavior of agents (such as of utility by consumers and profits by firms) and stability of equilibrium as to economic systems (such as markets or economies).
Free marketIn economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations.
Wa StatesThe Wa States was the name formerly given to the Wa Land, the natural and historical region inhabited mainly by the Wa people, an ethnic group speaking an Austroasiatic language. The region is located to the northeast of the Shan States of British Burma, in the area of present-day Shan State of northern Burma (Myanmar) and the western zone of Pu'er Prefecture, Yunnan, China. Practically the whole Wa region is rugged mountainous territory with steep hills and deep valleys. There were no urban areas.
Wa languageWa (Va) is an Austroasiatic language spoken by the Wa people of Myanmar and China. There are three distinct varieties, sometimes considered separate languages; their names in Ethnologue are Parauk, the majority and standard form; Vo (Zhenkang Wa, 40,000 speakers) and Awa (100,000 speakers), though all may be called Wa, Awa, Va, Vo. David Bradley (1994) estimates there are total of 820,000 Wa speakers. Gerard Diffloth refers to the Wa geographic region as the "Wa corridor", which lies between the Salween and Mekong Rivers.
Wa StateWa State is an autonomous self-governing polity in Myanmar (Burma). It is de facto independent from the rest of the country and has its own political system, administrative divisions and army. However, the Wa State government recognises Myanmar's sovereignty over all of its territory, and the Burmese government does not consider Wa State's political institutions to be legitimate. The 2008 Constitution of Myanmar officially recognises the northern part of Wa State as the Wa Self-Administered Division of Shan State.
Optimal controlOptimal control theory is a branch of mathematical optimization that deals with finding a control for a dynamical system over a period of time such that an objective function is optimized. It has numerous applications in science, engineering and operations research. For example, the dynamical system might be a spacecraft with controls corresponding to rocket thrusters, and the objective might be to reach the moon with minimum fuel expenditure.
Wa peopleThe Wa people (Wa: Vāx; ဝလူမျိုး, wa̰ lùmjóʊ; ; ว้า) are a Southeast Asian ethnic group that lives mainly in Northern Myanmar, in the northern part of Shan State and the eastern part of Kachin State, near and along Myanmar's border with China, as well as in China's Yunnan Province. Historically, the Wa have inhabited the Wa States, a territory that they have claimed as their ancestral land since time immemorial. It is a rugged mountainous area located between the Mekong and the Salween River, with the Nam Hka flowing across it.
Chemical equilibriumIn a chemical reaction, chemical equilibrium is the state in which both the reactants and products are present in concentrations which have no further tendency to change with time, so that there is no observable change in the properties of the system. This state results when the forward reaction proceeds at the same rate as the reverse reaction. The reaction rates of the forward and backward reactions are generally not zero, but they are equal. Thus, there are no net changes in the concentrations of the reactants and products.
