A branch of economics that focuses on the optimal allocation of resources and goods and how this affects social welfare. Welfare economics analyzes the total good or welfare that is achieve at a current state as well as how it is distributed. This relates to the study of income distribution and how it affects the common good. Welfare economics is a subjective study that may assign units of welfare or utility in order to create models that measure the improvements to individuals based on their personal scales. Welfare economics uses the perspective and techniques of microeconomics, but they can be aggregated to make macroeconomic conclusions. Because different "optimal" states may exist in an economy in terms of the allocation of resources, welfare economics seeks the state that will create the highest overall level of social welfare. Some people object to the idea of wealth redistribution because it flies in the face of pure capitalist ideals, but economists suggest that greater states of overall social good might be achieved by redistributing incomes in the economy.
Last-minute buying and selling of eligible reserves that takes place between U.S. banks on Wednesday, the settlement date for meeting reserve requirements as mandated by the Federal Reserve. The reserve requirement is a central bank requirement that stipulates the minimum amount of reserves each bank must hold as a proportion of customer deposits and notes. Since the reserve requirement is calculated as an average for the reserve computation period, if many banks are short of the reserve requirement on Wednesday, a scramble for available reserves ensues. A Wednesday scramble will usually have the effect of sending the federal funds rate sharply higher, due to the demand for funds. Conversely, if most banks have adequate reserves to meet the requirements and in fact may have excess reserves, the federal funds rate will drop.
A term used to describe companies, applications and services on the Internet that have transitioned from the old "Web 1.0" structure. Web 2.0, in general, refers to the web applications that have transformed following the dotcom bubble. It describes the new age of the Internet – a higher level of information sharing and interconnectedness among participants. Web 2.0 does not refer to any technical upgrades to the Internet; it simply refers to a shift in how it is used. Examples of Internet sites that are classified as Web 1.0 are Britannica Online, personal websites and mp3.com. These websites are generally static websites with limited functionality and flexibility. Some examples of Web 2.0 sites now include Wikipedia, blog sites and Bittorrent, which all transformed the way the same information was shared and delivered.
A tendency for the winning bid in an auction to exceed the intrinsic value of the item purchased. Because of incomplete information, emotions or any other number of factors regarding the item being auctioned, bidders can have a difficult time determining the item's intrinsic value. As a result, the largest overestimation of an item's value ends up winning the auction.Originally, the term was coined as a result of companies bidding for offshore oil drilling rights in the Gulf of Mexico. In the investing world, the term often applies to initial public offerings. For example, say Jim's Oil, Joe's Exploration and Frank's Drilling are all courting drilling rights for a specific area. Let's suppose that, after accounting for all drilling-related costs and future potential revenues, the drilling rights have an intrinsic value of $4 million. Now let's suppose that Jim's Oil bids $2 million for the rights, Joe's Exploration $5 million and Frank's Drilling $7 million. While Frank's won the auction, it ended up overpaying by $3 million. Even if Joe's Exploration is 100% sure that this price is too high, it can do nothing about it, as the highest bid always wins the auction, no matter how overpriced the bid may be.As intrinsic value is subjective, situations aren't so clear-cut in real life. Theoretically, if perfect information was available to everyone and all participants were completely rational in their decisions and skilled at valuation, no overpayments would occur. However, in the same way that bubbles in the stock or real estate markets are created, people tend to be irrational and push prices beyond the true values of the assets involved.
A window of opportunity is a short time period during which an otherwise unattainable opportunity exists. After the window of opportunity closes, the opportunity ceases to exist. Since good deals on real estate, business offers, etc. do not exist forever, the window of opportunity is the ideal time to act. An example of a window of opportunity is the initial public offering (IPO) of a stock. With some rapidly rising stocks, such as Google, there is a small window of opportunity during its IPO before its price might significantly rise. A window of opportunity also exists when there is a temporary stock mispricing in the market, which will be corrected as soon as traders become aware.
A process that entails selling all the assets of a business entity, paying off creditors, distributing any remaining assets to the principals, and then dissolving the business. Essentially, "winding up" is just another term for liquidation.
A policy instituted by the Securities and Exchange Commission (SEC) that calls for the review of an entire industry whenever critical problems (such as accounting fraud) are found within one or two companies in the industry. The origins of this term are derived from the oil industry, where companies drill for oil in unexplored or wild areas. The SEC based this policy on the principle that if one company is committing fraud there is a good chance that others are as well. Under this direction, the SEC has conducted investigations on many industries including the oil, cable TV and video game industry. This policy emerged after the Sarbanes-Oxley Act of 2002, which provided greater transparency for investors.
Having the right to deliver on a futures contract at the last closing price, even though the contract is no longer trading. This is similar to the wild card option.
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