What does CORNER SOLUTION mean?

Definitions for CORNER SOLUTION
CORNER SOLUTION

Here are all the possible meanings and translations of the word CORNER SOLUTION.

Wiktionary

  1. corner solution(Noun)

    A solution to a minimization or maximization problem where an interior solution is infeasible.

Freebase

  1. Corner solution

    A corner solution is a special solution to an agent's maximization problem in which the quantity of one of the arguments in the maximized function is zero. The more usual solution will lie in the non-zero interior at the point of tangency between the objective function and the constraint. For example, in consumer theory the objective function is the indifference-curve map of the consumer. The budget line is the constraint. In the usual case, constrained utility is maximized on the budget constraint with strictly positive quantities consumed of both goods. For a corner solution, however, utility is maximized at a point on one axis where the budget constraint intersects the highest attainable indifference curve at zero consumption for one good with all income used for the other good. Furthermore, a range of lower prices for the good with initial zero consumption may leave quantity demanded unchanged at zero, rather than increasing it as in the more usual case. In non-jargon English for the non-specialist, a corner solution is when the chooser is either unwilling or unable to make a tradeoff. In economics when someone says "I wouldn't buy that at any price" or "I will do X no matter the cost," those are corner solutions. Another example is "zero-tolerance" policies, or parents who are unwilling to expose their children to any risk, no matter how small and no matter what the benefits of the activity might be. "Nothing is more important than my child's safety" is a corner solution in its refusal to admit there might be tradeoffs. The term "corner solution" is sometimes used by economists in a more colloquial fashion to refer to these sorts of situations. The word "corner" refers to the fact that if one graphs the maximization problem, the optimal point will occur at the "corner" created by the budget constraint and one axis.

How to pronounce CORNER SOLUTION?

  1. Alex
    Alex
    US English
    Daniel
    Daniel
    British
    Karen
    Karen
    Australian
    Veena
    Veena
    Indian

How to say CORNER SOLUTION in sign language?

  1. cornersolution

Numerology

  1. Chaldean Numerology

    The numerical value of CORNER SOLUTION in Chaldean Numerology is: 6

  2. Pythagorean Numerology

    The numerical value of CORNER SOLUTION in Pythagorean Numerology is: 9

Images & Illustrations of CORNER SOLUTION

  1. CORNER SOLUTION


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