Fundamental theorems of welfare economicsThere are two fundamental theorems of welfare economics. The first states that in economic equilibrium, a set of complete markets, with complete information, and in perfect competition, will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off). The requirements for perfect competition are these: There are no externalities and each actor has perfect information. Firms and consumers take prices as given (no economic actor or group of actors has market power).
Allocative efficiencyAllocative efficiency is a state of the economy in which production is aligned with consumer preferences; in particular, the set of outputs is chosen so as to maximize the wellbeing of society. This is achieved if every good or service is produced up until the last unit provides a marginal benefit to consumers equal to the marginal cost of production. In economics, allocative efficiency entails production at the point on the production possibilities frontier that is optimal for society.
Congestion pricingCongestion pricing or congestion charges is a system of surcharging users of public goods that are subject to congestion through excess demand, such as through higher peak charges for use of bus services, electricity, metros, railways, telephones, and road pricing to reduce traffic congestion; airlines and shipping companies may be charged higher fees for slots at airports and through canals at busy times. Advocates claim this pricing strategy regulates demand, making it possible to manage congestion without increasing supply.
Edgeworth boxIn economics, an Edgeworth box, sometimes referred to as an Edgeworth-Bowley box, is a graphical representation of a market with just two commodities, X and Y, and two consumers. The dimensions of the box are the total quantities Ωx and Ωy of the two goods. Let the consumers be Octavio and Abby. The top right-hand corner of the box represents the allocation in which Octavio holds all the goods, while the bottom left corresponds to complete ownership by Abby. Points within the box represent ways of allocating the goods between the two consumers.
Priority queueIn computer science, a priority queue is an abstract data-type similar to a regular queue or stack data structure. Each element in a priority queue has an associated priority. In a priority queue, elements with high priority are served before elements with low priority. In some implementations, if two elements have the same priority, they are served in the same order in which they were enqueued. In other implementations, the order of elements with the same priority is undefined.
Real-time operating systemA real-time operating system (RTOS) is an operating system (OS) for real-time computing applications that processes data and events that have critically defined time constraints. An RTOS is distinct from a time-sharing operating system, such as Unix, which manages the sharing of system resources with a scheduler, data buffers, or fixed task prioritization in a multitasking or multiprogramming environment. Processing time requirements need to be fully understood and bound rather than just kept as a minimum.
Rate-monotonic schedulingIn computer science, rate-monotonic scheduling (RMS) is a priority assignment algorithm used in real-time operating systems (RTOS) with a static-priority scheduling class. The static priorities are assigned according to the cycle duration of the job, so a shorter cycle duration results in a higher job priority. These operating systems are generally preemptive and have deterministic guarantees with regard to response times. Rate monotonic analysis is used in conjunction with those systems to provide scheduling guarantees for a particular application.
Homogeneous spaceIn mathematics, a homogeneous space is, very informally, a space that looks the same everywhere, as you move through it, with movement given by the action of a group. Homogeneous spaces occur in the theories of Lie groups, algebraic groups and topological groups. More precisely, a homogeneous space for a group G is a non-empty manifold or topological space X on which G acts transitively. The elements of G are called the symmetries of X.
Priority inversionIn computer science, priority inversion is a scenario in scheduling in which a high priority task is indirectly superseded by a lower priority task effectively inverting the assigned priorities of the tasks. This violates the priority model that high-priority tasks can only be prevented from running by higher-priority tasks. Inversion occurs when there is a resource contention with a low-priority task that is then preempted by a medium-priority task.
High-occupancy vehicle laneA high-occupancy vehicle lane (also known as an HOV lane, carpool lane, diamond lane, 2+ lane, and transit lane or T2 or T3 lanes) is a restricted traffic lane reserved for the exclusive use of vehicles with a driver and two or more passengers, including carpools, vanpools, and transit buses. These restrictions may be only imposed during peak travel times or may apply at all times. There are different types of lanes: temporary or permanent lanes with concrete barriers, two-directional or reversible lanes, and exclusive, concurrent, or contraflow lanes working in peak periods.
