Ambiguity aversionIn decision theory and economics, ambiguity aversion (also known as uncertainty aversion) is a preference for known risks over unknown risks. An ambiguity-averse individual would rather choose an alternative where the probability distribution of the outcomes is known over one where the probabilities are unknown. This behavior was first introduced through the Ellsberg paradox (people prefer to bet on the outcome of an urn with 50 red and 50 black balls rather than to bet on one with 100 total balls but for which the number of black or red balls is unknown).
Resource depletionResource depletion is the consumption of a resource faster than it can be replenished. Natural resources are commonly divided between renewable resources and non-renewable resources (see also mineral resource classification). Use of either of these forms of resources beyond their rate of replacement is considered to be resource depletion. The value of a resource is a direct result of its availability in nature and the cost of extracting the resource, the more a resource is depleted the more the value of the resource increases.
Government failureGovernment failure, in the context of public economics, is an economic inefficiency caused by a government intervention, if the inefficiency would not exist in a true free market. The costs of the government intervention are greater than the benefits provided. It can be viewed in contrast to a market failure, which is an economic inefficiency that results from the free market itself, and can potentially be corrected through government regulation. However, Government failure often arises from an attempt to solve market failure.
United Nations Environment ProgrammeThe United Nations Environment Programme (UNEP) is responsible for coordinating responses to environmental issues within the United Nations system. It was established by Maurice Strong, its first director, after the United Nations Conference on the Human Environment in Stockholm in June 1972. Its mandate is to provide leadership, deliver science and develop solutions on a wide range of issues, including climate change, the management of marine and terrestrial ecosystems, and green economic development.
Investment bankingInvestment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities.
Normative social influenceNormative social influence is a type of social influence that leads to conformity. It is defined in social psychology as "...the influence of other people that leads us to conform in order to be liked and accepted by them." The power of normative social influence stems from the human identity as a social being, with a need for companionship and association. Normative social influence involves a change in behaviour that is deemed necessary in order to fit in a particular group.
European integrationEuropean integration is the process of industrial, economic, political, legal, social, and cultural integration of states wholly or partially in Europe or nearby. European integration has primarily come about through the European Union and its policies. In antiquity, the Roman Empire brought about integration of multiple European and Mediterranean territories. The numerous subsequent claims of succession of the Roman Empire, even the iterations of the Classical Empire and its ancient peoples, have occasionally been reinterpreted in the light of post-1950 European integration as providing inspiration and historical precedents.
Investment managementInvestment management (sometimes referred to more generally as asset management) is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts/mandates or via collective investment schemes like mutual funds, exchange-traded funds, or REITs.
SocialismSocialism is a political philosophy and movement encompassing a wide range of economic and social systems which are characterised by social ownership of the means of production, as opposed to private ownership. As a term, it describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can be public, community, collective, cooperative, or employee. While no single definition encapsulates the many types of socialism, social ownership is the one common element, and is considered left-wing.
Planck constantThe Planck constant, or Planck's constant, is a fundamental physical constant of foundational importance in quantum mechanics. The constant gives the relationship between the energy of a photon and its frequency, and by the mass-energy equivalence, the relationship between mass and frequency. Specifically, a photon's energy is equal to its frequency multiplied by the Planck constant. The constant is generally denoted by . The reduced Planck constant, or Dirac constant, equal to divided by , is denoted by .
Great powerA great power is a sovereign state that is recognized as having the ability and expertise to exert its influence on a global scale. Great powers characteristically possess military and economic strength, as well as diplomatic and soft power influence, which may cause middle or small powers to consider the great powers' opinions before taking actions of their own. International relations theorists have posited that great power status can be characterized into power capabilities, spatial aspects, and status dimensions.
Climate changeIn common usage, climate change describes global warming—the ongoing increase in global average temperature—and its effects on Earth's climate system. Climate change in a broader sense also includes previous long-term changes to Earth's climate. The current rise in global average temperature is more rapid than previous changes, and is primarily caused by humans burning fossil fuels. Fossil fuel use, deforestation, and some agricultural and industrial practices increase greenhouse gases, notably carbon dioxide and methane.
