Is an Efficient Market Allocation Fair? Explain

question 187

Essay

Is an efficient market allocation fair? Explain.

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Definitions:

Operant Conditioning

The act of learning in which the intensity of a behavior is transformed by the application of rewards or punishments.

Instrumental Learning

Also known as operant conditioning, it is a learning process through which the strength of a behavior is modified by reinforcement or punishment.

Biological Predispositions

Innate tendencies or propensities intrinsic to an individual's biology that may influence behaviors, traits, or disease vulnerabilities.

Learning Association

A process by which two pieces of information, or a behavior and a response, become linked in the mind or behavior of an individual.