Concepts inNew trade-offs in cost-sharing mechanisms
Trade-off
A trade-off (or tradeoff) is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect. It implies a decision to be made with full comprehension of both the upside and downside of a particular choice. And you are giving something away to get something back.
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Social cost
Social cost in economics may be distinguished from "private cost". Economic theorists model individual decision-making as measurement of costs and benefits. Rational choice theory often assumes that individuals consider only the costs they themselves bear when making decisions, not the costs that may be borne by others. With pure private goods, the costs carried by the individuals involved are the only economically meaningful costs.
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Cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing.
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Theoretical computer science
Theoretical computer science (TCS) is a division or subset of general computer science and mathematics which focuses on more abstract or mathematical aspects of computing. These divisions and subsets include analysis of algorithms and formal semantics of programming languages. Technically, there are hundreds of divisions and subsets besides these two.
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Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek ¿¿¿¿¿¿¿¿¿ (oikonomia, "management of a household, administration") from ¿¿¿¿¿ (oikos, "house") + ¿¿¿¿¿ (nomos, "custom" or "law"), hence "rules of the house(hold)".
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Submodular set function
In mathematics, submodular functions are set functions which usually appear in approximation algorithms, functions modeling user preferences in game theory. These functions have a natural diminishing returns property which makes them suitable for many applications.
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Loss function
In statistics and decision theory a loss function is a function that maps an event onto a real number intuitively representing some "cost" associated with the event. Typically it is used for parameter estimation, and the event in question is some function of the difference between estimated and true values for an instance of data. In the context of economics, for example, this is usually economic cost or regret.
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