Integrys Energy Group, Inc. , is an energy company headquartered in Chicago, Illinois. It was formed by the merger of WPS Resources Corp. and Peoples Energy Corp. on February 21, 2007. Its current CEO is Larry Weyers.

Its regulated utilities are Wisconsin Public Service Corp., Upper Peninsula Power Company, Minnesota Energy Services Corp., Michigan Gas Utilities Corp., Peoples Gas, and North Shore Gas. These spread across Wisconsin, Illinois, Minnesota and Michigan. Its nonregulated subsidiary, Integrys Energy Services, Inc. (formerly WPS Energy Services, Inc.), serves customers in the Midwest, Northeast, Texas, and Eastern Canada.


Awards & Recognition

In its January 9, 2006 issue, Forbes magazine recognized WPS Resources as the utility industry’s “Best-Managed Company in America”. Also in 2006, Fortune magazine acknowledged WPS Resources as the most admired energy company on its 2006 edition of “America’s Most Admired Companies.”

In 2007, Integrys Energy was again recognized by placing second on Fortune’s Most-Admired Energy Company list.


External Links

  • Integrys Energy Group
  • Peoples Gas
  • North Shore Gas
  • Wisconsin Public Service Corporation
  • Michigan Gas Utilities Corporation
  • Minnesota Energy Resources Corporation
  • Upper Peninsula Power Company
  • Integrys Energy Services, Inc.

In economics, investment goods are the plant, machinery, and equipment that enable production, and are the main input into new installed capital.


External sources

  • A Simple Kaleckian Model, suggesting that total saving by the consumption goods sector is equal to total consumption by the investment goods sector.
  • Investment Prices and Exchange Rates: Some Basic Facts, suggesting four basic facts about investment goods and investment prices.

Normal good; an amount

May 11th, 2008

In economics, normal goods are any goods for which demand increases when income increases, i.e. with a positive income elasticity of demand. The term does not necessarily refer to the quality of the good.

Depending on the indifference curves, the amount of a good bought can either increase, decrease, or stay the same when income increases. In the diagram below, good Y is a normal good since the amount purchased increases from Y1 to Y2 as the budget constraint shifts from BC1 to the higher income BC2. Good X is an inferior good since the amount bought decreases from X1 to X2 as income increases.


See also

  • Consumer theory
  • Inferior good
  • Superior good

The Zuidlaardermarkt is an annual event in the village of Zuidlaren (the Netherlands), held on the third Tuesday in October.

The event contains a cattle market (known as the largest in Europe), a country market and a fair. The country market has about 350 market stalls each year and the fair is located in the centre of the village next to the horse market. Bovine animals are no longer shown, since the foot-and-mouth disease occurrences in 2001. The event enjoys popularity and large attendance by most Dutch, German and Belgian horsetraders. The history of the Zuidlaardermarkt goes back to the thirteenth century, the first time the market took place was in the year 1200.


Facts & figures

1883 horses and 62 donkeys were supplied to the Zuidlaardermarkt of 2004. The same year 350 market stalls formed the country market which had a total length of 2.3 miles. The market manager is Mr. Jaap Mellema from the municipality of Tynaarlo. The organization of the event involves a lot of volunteers, including a local choir.


External links

  • De officiële Zuidlaarder markt site, the official website of the Zuidlaardermarkt event.
  • Pieter Dijkema, website with photos of the Zuidlaardermarkt.

In microeconomics, the expenditure function describes the minimum amount of money an individual needs to achieve some level of utility, given a utility function and prices.

Formally, if there is a utility function <math>u</math> that describes preferences over L commodities, the expenditure function

<math>e(p, u^*) : \textbf R^L_+ \times \textbf R
\rightarrow \textbf R</math>

says what amount of money is needed to achieve a utility <math>u^*</math> if prices are set by <math>p</math>.
This function is defined by

<math>e(p, u^*) = \min_{x \in \geq(u^*)} p \cdot x</math>

where

<math>\geq(u^*) = \{x \in \textbf R^L_+ : u(x) \geq u^*\}</math>

is the set of all packages that give utility at least as good as <math>u^*</math>.


See also

  • Expenditure minimization problem
  • Hicksian demand function
  • Utility maximization problem

Omaheke; Homogenous

May 10th, 2008
Omaheke region, Namibia
Area: 84,732 km² (32,715 mi²)
Population: 67,496 (2001), 52,735 (1991)
Population density 0.8/km² (2.1/mi²)
Capital: Gobabis
Governor Laura Mcleod
Time Zone: South African Standard Time: UTC+1

Omaheke is one of the thirteen regions of Namibia. Omaheke lies on the eastern border of Namibia. The name Omaheke is the Herero word for Sandveld. A large part of this region is known as the Sandveld. Gobabis is the main centre of this area and also its main business area, as it is linked with the capital of Namibia, Windhoek, by rail and paved roads. This infrastructure serves as the main supply line for the region.

All the other population centres in the region are linked with Gobabis by road. Many other services are rendered from Gobabis to the region, such as the Police Divisional Head Quarters, which is situated in Gobabis. Clinics in the region are served by medical practisioners based in Gobabis, and there are two hospitals and a clinic serving the region.

The agricultural patterns of this region is to a large extent homogenous. Most of the 900 commercial and 3,500 communal farmers in this area are cattle breeders. A regional office of the Ministry of Agriculture, serving the whole region, is based in Gobabis.

Hunting, including trophy hunting, is one of the major sources of income for the region. This takes place mainly in the winter months, from June to August. During these months, tourists from the northern hemisphere can be seen in the area, enjoying the mild and dry winter climate and collecting trophies.

The North Eastern part of the region is still very much a wilderness and beautiful wild Kalahari scenes can be seen by people willing to travel tedious roads and spend nights in the open.

Antropologically, almost the the entire Mbanderu and Gobabis-Ju/wa ethnic groups are residing in the region. Furthermore, it is a rich cultural area for Herero, Damara-Nama, Tswana, Afrikaner and German, with a sprinkling of northerners.

A notable event is the annual Meat Festival, which draws visitors from all over.

In the east, Omaheke borders three districts of Botswana:

  • North-West - northern
  • Ghanzi - central
  • Kgalagadi - southern

Domestically, it borders the following regions:

  • Hardap - south
  • Khomas - west
  • Otjozondjupa - north

The region comprises six constituencies: Otjinene, Otjozondjou, Steinhausen, Gobabis, Buitepos, and Aminuis.

In Mathematics and Physics, a non-perturbative function or process is one that cannot be accurately described by Perturbation theory. An example is the function

<math>f(x)=e^{-1/x^2}</math>.

The Taylor series for this function is exactly zero to all orders in perturbation theory, but the function is non-zero if x ≠ 0.

The implication of this for Physics is that there are some phenomena which are impossible to understand by perturbation theory, however many orders of perturbation theory we use. Instantons are an example.

Ergo; in Theoretical Physics, a non-perturbative solution or theory is one that does not require perturbation theory to explicate, or does not simply describe the dynamics of perturbations around some fixed background. For this reason; non-perturbative solutions and theories yield insights into areas and subjects perturbative methods cannot reveal.


See also

  • Taylor series
  • Soliton
  • Instanton

Sexual pleasure is pleasure derived from any kind of sexual activity. Though orgasm is generally known, sexual pleasure includes erotic pleasure during foreplay, and pleasure due to fetish or BDSM.


Biology

Sexual activities increases flow of adrenalin[1].


See also

  • Sexual arousal
  • Orgasm
  • Sexual intercourse


References

Price-cap regulation is a form of regulation designed in the 1980s by UK Treasury economist Stephen Littlechild, which has been applied to all of the privatized British network utilities. It is contrasted with rate-of-return regulation, in which utilities are permitted a set rate of return on capital, and with revenue-cap regulation where total revenue is the regulated v “”CPI - X”, (in the United Kingdom “RPI-X”) after the basic formula employed to set price caps. This takes the rate of inflation, measured by the Consumer Price Index (UK Retail Price Index, RPI) and subtracts expected efficiency savings X. In the water industry, the formula is “RPI - X + K”, where K is based on capital investment requirements. The system is intended to provide incentives for efficiency savings, as any savings above the predicted rate X can be passed on to shareholders, at least until the price caps are next reviewed (usually every five years). A key part of the system is that the rate X is based not only a firm’s past performance, but on the performance of other firms in the industry: X is intended to be a proxy for a competitive market, in industries which are natural monopolies.

In most industries in the UK, estimation of a firm’s efficiency is carried out by comparing regional monopolies and using a total factor productivity method. However, for telecommunications, Ofcom instead relies on international comparisons.

In practice, the distinction between price-cap and rate-of-return regulation may be lost, as regulators may end up making implicit decisions on the acceptable real rates of return on capital employed in order to arrive at price limit determinations. This has been the experience in the UK water sector, where the 1999 periodic review led Ofwat to determine a standard (real post-tax) cost of capital of 4.75%, with minor adjustments for smaller companies. This standard rate was then used to help calculate X.

Price-cap regulation is no longer a uniquely British form of regulation. Particularly in the telecommunications industry, many Asian countries are implementing some form of price cap on their newly-privatised operators. In addition, many US Local Exchange Carriers are now regulated by price-cap rather than rate-of-return regulation: in 2003, of the 73 companies reporting to the ARMIS database, 22 were regulated according to an RPI-X price cap (and a further 35 were subject to other retail price controls).


See also

  • Ofwat, Ofgem, Ofcom
  • market failure


External link

  • Ian Alexander and Timothy Irwin (1996), “Price Caps, Rate-of-Return Regulation, and the Cost of Capital” [1]

A Free agent is a term used in football (soccer) to refer to a player that has been released by a club (usually on a free transfer) and now is no longer affiliated with any team, but has not finished his or her career.

Free agents do not have to be signed during the normal transfer window that is implemented in some countries’ leagues. If they are signed by a team, the team signing them does not have to pay any fees - sometimes this is colloquially known as “snapped up on a free transfer”.


Current free agents

See
UGI redirects here. For the radiographic procedure, see Upper GI series

UGI Corporation is a public utility holding company with a variety of assets based in King of Prussia, Pennsylvania.

Under the UGI Utilities, Inc. company, UGI serves 428,000 natural gas and 60,000 electricity customers in eastern Pennsylvania, including the recently acquired UGI Penn Natural Gas (formerly PG Energy). UGI Utilities operates in the urban areas in and around Harrisburg, Lancaster, Reading, Allentown, Bethlehem, Easton, Hazleton, Wilkes Barre, Scranton and Williamsport.

UGI’s propane holdings include control of AmeriGas Partners, L.P. , the largest propane marketer in the United States. UGI also owns Antargaz and Flaga in Europe.

UGI also markets a variety of energy products through their UGI Energy Services company, based in Wyomissing, PA.


External links

  • UGI Corporation website
  • UGI Utilities website
  • AmeriGas website

The term Price system is used to describe any Economic system whatsoever that effects its distribution of goods and services by means of goods and services having prices and employing any form of debt tokens, or money. Except for possible remote and primitive communities, all modern societies use price systems to allocate resources. However, price systems are not used for all resource allocation decisions today. Allocation of resources within governments, or corporations and households is sometimes commonly undertaken without reliance on a price system.


Fixed price versus free price systems

A

Price system may be either a fixed price system where prices are set by a government or it may be a free price system where prices are left to float freely as determined by unregulated supply and demand. Or it may be a combination of both with a mixed price system.


History

Fundamentally, price systems have been around as long there has been trade or money. From its beginnings the free price system has evolved into the system of global capitalism that is present in the early 21st century. The Soviet Union and other Communist nations were controlled price systems.


See also

  • Free price system
  • Economic history
  • History of economics
  • Technocratic views of the Price system

Computer mathematics could refer to:

  • Scientific computing - constructing numerical solutions and using computers to analyse and solve scientific and engineering problems
  • Theoretical computer science - collection of topics of computer science that focuses on the more abstract and mathematical aspects of computing

Coup en passant is a type of coup in contract bridge where trump trick(s) are “stolen” by trying to ruff a card after the player who has the master trump(s).

Just as the trump coup resembles a direct finesse, except that trumps are not the suit led, so the coup en passant similarly resembles an indirect finesse:

In this example, spades are trump, and declarer (South) takes two tricks by playing hearts first. Then, with clubs led from the dummy, declarer ruffs if and only if East does not. South’s diamond loser will go under East’s ace of spades on one of the last two tricks, and South’s king will take the other trick.

Here both players have the same number of trumps, but the hand would play the same way if either or both had a small trump in place of the small diamond. The important thing is that declarer must have few enough trumps that dummy can be entered at the critical time.
Coup en passant can be performed even with several high trumps in the opponent’s hand. In the example, South would lose all remaining tricks if the lead were in East’s hand. However, if a heart is played from dummy, and East ruffs, South will discard the losing diamond (what is, in effect, a Loser on loser play). If East discards, South will ruff, “stealing” a trick.


See also

  • Trump promotion


External links

  • BridgeGuys Glossary

The false consensus effect refers to the tendency for people to overestimate the degree to which others agree with them. People readily guess their own opinions, beliefs and predilections to be more prevalent in the general public than they really are.

This bias is commonly present in a group setting where one thinks the collective opinion of their own group matches that of the larger population. Since the members of a group reach a consensus and rarely encounter those who dispute it, they tend to believe that everybody thinks the same way.

One of the most notable examples is the possibly apocryphal quip by The New Yorker film critic Pauline Kael, who reportedly said she couldn’t believe Nixon had won since no one she knew had voted for him.

There is no single cause for this cognitive bias; the availability heuristic and self-serving bias have been suggested as at least partial underlying factors.


See also

  • Attributional bias
  • Overconfidence effect
    • Lake Wobegon effect
    • List of cognitive biases


References

  • Ross L., Greene D. & House, P. (1977). The false consensus effect: an egocentric bias in social perception and attribution processes. Journal of Experimental Social Psychology 13, 279-301.
  • Fields, James M., and Howard Schuman, (1976-77) “Public Beliefs about the Beliefs of the Public,” Public Opinion Quarterly, 40: 427-448.


External links

  • Changing minds: the false consensus effect

In mathematical logic, a logical theory T2 is a (proof theoretic) conservative extension of a theory T1 if the language of T2 extends the language of T1 and every theorem of T1 is a theorem of T2 and any theorem of T2 which is in the language of T1 is already a theorem of T1.

Informally, the new theory may possibly be more convenient for proving theorems, but it proves no new theorems about the old theory. The importance of this notion lies in the following theorem:

If T2 is a conservative extension of T1, and T1 is consistent, then T2 is consistent as well.

Hence, conservative extensions do not bear the risk of introducing new inconsistencies. This can also be seen as a methodology for writing and structuring large theories: start with a theory, T0, that is known (or assumed) to be consistent, and successively build conservative extensions T1, T2, … of it.

The theorem provers Isabelle and ACL2 adopt this methodology by providing a language for conservative extensions by definition.

Recently, conservative extensions have been used for defining a notion of module for ontologies: if an ontology is formalized as a logical theory, a subtheory is a module if the whole ontology is a conservative extension of the subtheory.


Examples

  • ACA0 (a subsystem of second-order arithmetic) is a conservative extension of first-order Peano arithmetic.
  • Von Neumann-Bernays-Gödel set theory is a conservative extension of Zermelo-Fraenkel set theory.
  • Internal set theory is a conservative extension of Zermelo-Fraenkel set theory with the Axiom of choice.
  • Extensions by definitions are conservative.
  • Extensions by predicate or function symbols that are recursively-defined by a set of formulas are conservative
    (provided that the recursion scheme leads to a definition).
  • Extensions by unconstrained predicate or function symbols are conservative.
  • Extensions by predicate or function symbols that are axiomatized by a Horn theory are conservative.


Model-theoretic conservative extension

With model-theoretic means, a stronger notion is obtained: T2 is a model-theoretic conservative extension of T1 if every model of T1 can be expanded to a model of T2. It is straightforward to see that each model-theoretic conservative extension also is a (proof-theoretic) conservative extension in the above sense. The model theoretic notion has the advantage over the proof theoretic one that it does not depend so much on the language at hand; on the other hand, it is usually harder to establish model theoretic conservativity.

See also: Conservativity theorem


External links

  • The importance of conservative extensions for the foundations of mathematics

The FSA Utilities is an open-source software tool, written in Prolog by Gertjan van Noord, for creating, visualizing, and manipulating Finite state machines. It is useful for constructing finite-state machines from regular expressions and performing standard algorithms such as automata determinization, minimization, and intersection; transducer composition; etc.
It includes algorithms for weighted and unweighted finite-state acceptors and transducers.
It has a Tcl/TK graphical user interface which
allows the user to view and manually manipulate the shapes of small automata and transducers.
There is also a Prolog-based macro language which facilitates the construction of complex regular expressions.


External links

  • FSA Utilities

In geometry, the Klein model, also called the projective model, the Beltrami-Klein model, the Klein-Beltrami model and the Cayley-Klein model, is a model of n-dimensional hyperbolic geometry in which the points of the geometry are in an n-dimensional disk, or ball, and the lines of the geometry are line segments contained in the disk; that is, with endpoints on the boundary of the disk. Along with the Poincaré half-plane model and the Poincaré disk model, it was first proposed by Eugenio Beltrami who used these models to show hyperbolic geometry was equiconsistent with Euclidean geometry. The distance function was originated first by Arthur Cayley and interpreted geometrically in hyperbolic geometry by Felix Klein.

Contents


Relation to the hyperboloid model

The hyperboloid model is a model of hyperbolic geometry within Minkowski space. If <math>[x_0, x_1, \cdots, x_n]</math> is a vector in real <math>(n+1)</math>-space, we may define the Minkowski quadratic form to be

<math>Q([x_0, x_1, \cdots, x_n]) = x_0^2 - x_1^2 - \cdots - x_n^2.</math>

Corresponding to the Minkowski quadratic form <math>Q</math> there is a Minkowski bilinear form <math>B</math>, defined by

<math>B(u, v) = (Q(u+v)-Q(u)-Q(v))/2.</math>

If

<math>u = [x_0, x_1, \cdots, x_n], v = [y_0, y_1, \cdots, y_n]</math>

then we may write this as

<math>B(u, v) = x_0 y_0-x_1 y_1 - \cdots - x_n y_n =

x_0 y_0 - \mathbf{x} \cdot \mathbf{y}.</math>
We may use this to put a hyperbolic metric on certain of the points of Minkowski projective space, which is to say, of lines through the origin which are rays defined by a vector <math>u</math> such that <math>Q(u)>0</math>. If <math>u</math> and <math>v</math> are two such vectors, then we may define a distance between
them by

<math>d(u, v) = \operatorname{arccosh}(\frac{B(u,v)}{\sqrt{Q(u)Q(v)}}).</math>

This is a homogenous function, and so defines a distance between projective points. We can obtain either the hyperboloid model or the Klein model by normalizing these projective points. If we normalize <math>u</math> and <math>v</math> by changing sign if needed to make the first coordinate positive, and then dividing <math>u</math> and <math>v</math> to obtain
<math>u’ = \frac{u}{\sqrt{Q(u)}}, v’ = \frac{v}{\sqrt{Q(v)}}</math>
respectively, so that the points satisfy <math>Q(u’) = Q(v’) = 1</math>, we obtain
the hyperboloid model. If instead we normalize <math>u</math> and <math>v</math> by dividing through by the first coordinate, which since <math>Q(u)</math> and <math>Q(v)</math> are greater than zero cannot be zero, we obtain a subset of the projective plane, which are points in the interior of a unit disk. We may also view this as intersecting the lines through the origin with the hypersurface <math>t=1</math>.


Distance formula

From the projective hyperbolic distance function we may derive a distance function for the points in the unit disk. If <math>s</math> and <math>t</math> are two vectors with norm less than one, then we may define <math>u</math> as the vector in Minkowski space whose t coordinate is 1 followed by the coordinates for <math>s</math>, and <math>v</math> as the same for <math>t</math>. Then

<math>d(s, t) = \operatorname{arccosh}(\frac{B(u,v)}{\sqrt{Q(u)Q(v)}})</math>

defines a distance function on the unit disk; this is the distance function of
the Klein model. In terms of the original vectors <math>s</math> and <math>t</math>, we may now rewrite this as

<math>d(s, t) = \operatorname{arccosh}(\frac{1 - s \cdot t}{\sqrt{(1-s \cdot s)(1-t \cdot t)}}).</math>


Relation to the Poincaré disk model

Both the Poincaré disk model and the Klein model are models of hyperbolic space on the unit n-disk. If <math>u</math> is a vector of norm less than one representing a point of the Poincaré disk model, then the corresponding point of the Klein model is given by

<math>s = \frac{2u}{1+u \cdot u}.</math>

Conversely, from a vector <math>s</math> of norm less than one representing a point of the Klein model, the corresponding point of the Poincaré disk model is given by

<math>u = \frac{s}{1+\sqrt{1-s \cdot s}} =

\frac{(1-\sqrt{1-s \cdot s})s}{s \cdot s}.</math>

Given two points on the boundary of the unit disk, which are called ideal points, the Klein model line is the chord between them, and the corresponding Poincaré model line is a circular arc on the two dimensional subspace generated by the two boundary point vectors, orthogonal to the boundary of the disk. The relationship between the two is simply a projection from the center of the disk; a ray from the center passing through a point of one model line passes through the corresponding point of the other model line.


Angles in the Klein model

Given two intersecting lines in the Klein model, which are intersecting chords in the unit disk, we can find the angle between the lines by mapping the chords, expressed as parametric equations for a line, to parametric functions in the Poincaré disk model, finding unit tangent vectors, and using this to determine the angle.

We may also compute the angle between the chord whose ideal point endpoints are <math>u</math> and <math>v</math>, and the chord whose endpoints are <math>s</math> and <math>t</math>, by means of a formula. Since the ideal points are the same in the Klein model and the Poincaré disk model, the formulas are identical for each model.

If both chords are diameters, so that <math>v=-u</math> and <math>t=-s</math>, then we are merely finding the angle between two unit vectors, and the formula for the angle <math>\theta</math> is

<math>\cos(\theta) = u \cdot s.</math>

If <math>v=-u</math> but not <math>t=-s</math>, the formula becomes, in terms of the wedge product,

<math>\cos^2(\theta) = \frac{P^2}{QR},</math>

where

<math>P = u \cdot (s-t),</math>
<math>Q = u \cdot u,</math>
<math>R = (s-t) \cdot (s-t) - (s \wedge t) \cdot (s \wedge t)</math>

If both chords are not diameters, the general formula obtains

<math>\cos^2(\theta) = \frac{P^2}{QR},</math>

where

<math>P = (u-v) \cdot (s-t) - (u \wedge v) \cdot (s \wedge t),</math>
<math>Q = (u-v) \cdot (u-v) - (u \wedge v) \cdot (u \wedge v),</math>
<math>R = (s-t) \cdot (s-t) - (s \wedge t) \cdot (s \wedge t).</math>

Using the Binet-Cauchy identity and the fact that these are unit vectors we may rewrite the above expressions purely in terms of the dot product, as

<math>P = (u-v) \cdot (s-t) + (u \cdot t)(v \cdot s) - (u \cdot s)(v \cdot t),</math>
<math>Q = (1 - u \cdot v)^2,</math>
<math>R = (1 - s \cdot t)^2.</math>

Determining angles is greatly simplified when the question is to determine or construct right angles in the hyperbolic plane. A line in the Poincaré disk model corresponds to a circle orthogonal to the unit disk boundary, with the corresponding Klein model line being the chord between the two points where this intersects the boundary. The tangents to the intersection at the two endpoints intersect in a point called the pole of the chord. Any line drawn through the pole, which is the center of the Poincaré model circle, will intersect the Poincaré model circle orthogonally, and hence the line segments intersect the chord in the Klein model, which corresponds to the circle, as perpendicular lines.

Restating this, a chord <math>B</math> intersecting a given chord <math>A</math> of the Klein model, which when extended to a line passes through the pole of the chord <math>A</math>, is perpendicular to <math>A</math>. This fact can be used to give an easy proof of the ultraparallel theorem.


See also

  • Poincaré half-plane model
  • Poincaré metric
  • Inversive geometry


References

Pioneered by American economist Paul Samuelson (1915- ), revealed preference theory is a method by which it is possible to discern the best possible option on the basis of consumer behaviour. Essentially, this means that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory came about because the theories of consumer demand were based on a diminishing marginal rate of substitution. This diminishing MRS is based on the assumption that consumers make consumption decisions based on their intent to maximize their utility. While utility maximization was not a controversial assumption, the underlying utility functions could not be measured with great certainty. Revealed preference theory was a means to reconcile demand theory by creating a means to define utility functions by observing behavior.

Contents


Theory

If a person chooses a certain bundle of goods (ex. 2 apples, 3 bananas) while another bundle of goods is affordable (ex. 3 apples, 2 bananas), then we say that the first bundle is revealed preferred to the second. It is then assumed that the first bundle of goods is always preferred to the second. This means that if the consumer ever purchases the second bundle of goods then it is assumed that the first bundle is unaffordable. This implies that preferences are transitive. In other words if we have bundles A, B, C, …., Z, and A is revealed preferred to B which is revealed preferred to C and so on then it is concluded that A is revealed preferred to C through Z. With this theory economists can chart indifference curves which adhere to already developed models of consumer theory.


The Weak Axiom of Revealed Preference

More formally, let pA be the price of apples and pB be the price of bananas, and let the amount of money available be m=5. If pA =1 and pB=1, and if the bundle (2,3) is chosen, it is said that that the bundle (2,3) is revealed preferred to (3,2), as the latter bundle could have been chosen as well at the given prices.

The Weak Axiom of Revealed Preference (WARP) is often invoked in consumer theory. It relates to the case that the optimal choice of a consumption bundle is, for any price system, unique, and it postulates for different bundles A and B the following: If A is revealed preferred to B, it is not the case that B is revealed preferred to A. In other words: The weak axiom of revealed preference rules out that, in cases where A and B are available, sometimes A is chosen, and sometimes B. If A is chosen in one of these cases, B can never be chosen.


References

  • Nicholson, W. (2005) Microeconomics, Thomson, Southwestern.
  • Varian, H. (1992) Microeconomic Analysis, Third edition, New York: Norton, Section 8.7
  • Samuelson, P. (1938). A Note on the Pure Theory of Consumers’ Behaviour. Economica 5:61-71.


External links

  • Revealed Preference, review by Hal R. Varian, 2005, prepared for Samuelsonian Economics and the 21st Century.
For articles about other railway companies named North Western Railway, see North Western Railway (disambiguation).

The North Western Railway (NWR) was a British railway company. often known as the Little North Western Railway to distinguish it from the larger London and North Western Railway. It was absorbed by the Midland Railway in 1874. The section between Skipton and Wennington is still open. Beyond Wennington, traffic contines on what was the Furness and Midland Joint Railway to Lancaster

The first passenger service between Lancaster and Morecambe was on 12 June 1848; on 31 October 1849 Tatham Bridge near Wennington was connected, reaching Wennington on 17 November. A horse omnibus service operated to Skipton. On the 2 May 1850 saw passenger traffic between Wennington and Bentham, with the final link completed 1 June. It was originally a single line, the line was doubled in 1889.

The First section of track was built by a different company.


External links

  • http://www.railscot.co.uk/North_Western_Railway/frame.htm
  • http://www.residentialrail.co.uk/page.php?domain_name=residentialrail.co.uk&viewpage=history