The inability of the market mechanism to achieve a higher efficiency value is due, in part, to the incentive U-Type bidders have to strategically reduce their demands for the second block of spectrum.
There are points in an assets lifespan where the deception mechanism of that market will break, creating abundant wealth for those who ride the trend.
It is no good arguing that consumers are being unreasonable in boycotting the firm: Mr Mackey, who often celebrates the authority of the market as a mechanism for allowing people to vote with their money, knows as well as anyone that they are entitled to spend their hard-earned cash as they please.
Unlike the classical gold standard, there is no market feedback mechanism to bring the quantity of money in line with the demand for money while maintaining long-run price stability.
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Of course, in order to use this as an argument that inflation is not a problem, he has to assume that the market has enough wisdom in it to properly gauge future inflation, but then he immediately turns around and forgets the wisdom of the markets when he overrules its price setting mechanism with an unprecedented series of operations, from open market to twist.
Early last year another group of U.S. businesses, known as the U.S. Climate Action Partnership, also rallied around the creation of a market-based mechanism for lowering greenhouse gas emissions.
They are an essential part of the market pricing and allocation mechanism.
It was instrumental in designing the Clean Development Mechanism, which it is doing very nicely out of, and it fears that flooding the market for carbon credits with new supply from tropical forests would depress the price and destroy the mechanism.
At the time, he said that regardless of the amount needed for recapitalization of Cypriot banks, the debt of the country would be manageable because the loan that Cyprus would get from the European Stability Mechanism would mainly be for the recapitalization of the banks that have been over-exposed to the Greek market.
We have a market-based mechanism for determining the value of currencies.
Using a market mechanism to pass on the true cost of fossil fuel usage, including the environmental damage here at home AND in the third world, and the longer term effects of greenhouse gas emissions and resulting climate change.
But the whole market mechanism and its evolution is something that, I'm kind of of the Buffett School.
The European Commission's recommendation came after last Friday's general meeting of the ICAO, which agreed to move towards a market-based mechanism for emissions trading.
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