Concepts inRobust mechanisms for risk-averse sellers
Risk aversion
Risk aversion is a concept in psychology, economics, and finance, based on the behavior of humans while exposed to uncertainty. Risk aversion is the reluctance of a person to accept a bargain with an uncertain payoff rather than another bargain with a more certain, but possibly lower, expected payoff.
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Risk neutral
In economics and finance, risk neutral behavior is between risk aversion and risk seeking. If offered either ¿50 or a 50% chance of each of ¿100 and nothing, a risk neutral person would have no preference between the two options. In contrast, a risk averse person presented with these options would accept some amount less than ¿50 in preference to the risky option, while a risk seeking person would accept a less than 50% chance of ¿100 in preference to the sure ¿50.
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Vickrey¿Clarke¿Groves auction
A Vickrey¿Clarke¿Groves (VCG) auction of multiple goods is a sealed-bid auction wherein bidders report their valuations for the items. The auction system assigns the items in a socially optimal manner, while ensuring each bidder receives at most one item. This system charges each individual the harm they cause to other bidders, and ensures that the optimal strategy for a bidder is to bid the true valuations of the objects. It is a generalization of a Vickrey auction for multiple items.
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Survival analysis
Survival analysis is a branch of statistics which deals with death in biological organisms and failure in mechanical systems. This topic is called reliability theory or reliability analysis in engineering, and duration analysis or duration modeling in economics or sociology.
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Independent and identically distributed random variables
In probability theory and statistics, a sequence or other collection of random variables is independent and identically distributed (i.i.d. ) if each random variable has the same probability distribution as the others and all are mutually independent. The abbreviation i.i.d. is particularly common in statistics (often as iid, sometimes written IID), where observations in a sample are often assumed to be (more or less) i.i.d. for the purposes of statistical inference.
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Utilitarianism
Utilitarianism is an ethical theory holding that the proper course of action is the one that maximizes the overall "happiness". It is thus a form of consequentialism, meaning that the moral worth of an action is determined only by its resulting outcome, and that one can only weigh the morality of an action after knowing all its consequences. Two influential contributors to this theory are Jeremy Bentham and John Stuart Mill.
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Utility
In economics, utility is a representation of preferences over some set of goods and services. Preferences have a utility representation so long as they are transitive, complete, and continuous. Utility is usually applied by economists in such constructs as the indifference curve, which plot the combination of commodities that an individual or a society would accept to maintain a given level of satisfaction.
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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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