Think like a Freak

There are different ideas that are used to elaborate economic principles and the life style that people use in their daily lives. Monetary schemes are being used by government agencies to promote economic activity and expand job opportunities in society. Person award presentation, on the other hand, entails acts of interpretation and contrast. In the article, game theory is used to explain the idea of Nobel Prize distributions to multiple entities. The participants should not submit bids, but a specific technique is used to determine the winner.

The theory that leads to the achievement of an award is established by taking prior actions into account. Public participation is included to provide a fair judgment regarding the individual’s innovation in society. It then helps in the process of sensitizing people on the appropriate ways to the attainment of a prize. These approaches leave the public and the initiator (award winner) as the beneficiaries of the platform. In the long run, the practice will initiate stiff competition in various industries and strict policies implemented to select a winner.

According to an analysis by Barrett (981), empirical identification is a challenging concept in the identification of traps {for example, poverty traps}. Specific behaviors that are deemed rational are included in the determination of the trap. Nevertheless, the process of allocating a price creates concepts of profit and utility maximization in the market. The participation will often have an optimum point on which an individual will not be considered on the list of Nobel Prize winners. Depreciations are often witnessed with new players using innovative techniques that entice the receivers to offer their support. In the long run, the activity will start registering new winners based on the creative actions that they are providing to the market.

Work Cited

Barrett, Michael R. Carter & Christopher B. “The Economics of Poverty Traps and Persistent Poverty: Empirical and Policy Implications.” The Journal of Development Studies (2013): 976-990.