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In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. [1] [2] [3] The first known use of the term by economists was in 1958, [4] but the concept has been traced back to the Victorian philosopher Henry ...
When gambling, odds are often given as the ratio of the possible net profit to the possible net loss. However in many situations, you pay the possible loss ("stake" or "wager") up front and, if you win, you are paid the net win plus you also get your stake returned. So wagering 2 at "3 to 2", pays out 3 + 2 = 5, which is called "5 for 2".
Consider these situations as an example, the two-player zero-sum game pictured at right or above. The order of play proceeds as follows: The first player (red) chooses in secret one of the two actions 1 or 2; the second player (blue), unaware of the first player's choice, chooses in secret one of the three actions A, B or C.
Dividing the numerator and denominator of a fraction by the same non-zero number yields an equivalent fraction: if the numerator and the denominator of a fraction are both divisible by a number (called a factor) greater than 1, then the fraction can be reduced to an equivalent fraction with a smaller numerator and a smaller denominator.
Although this cost structure seems unrepresentative of real life transaction costs, it can be used to find approximate solutions in cases with additional assets, [11] for example individual stocks, where it becomes difficult or intractable to give exact solutions for the problem. The assumption of constant investment opportunities can be relaxed.
are solved using cross-multiplication, since the missing b term is implicitly equal to 1: =. Any equation containing fractions or rational expressions can be simplified by multiplying both sides by the least common denominator. This step is called clearing fractions.
For example, there is a close relationship between the simple continued fraction in canonical form for the irrational real number α, and the way lattice points in two dimensions lie to either side of the line y = αx. Generalizing this idea, one might ask about something related to lattice points in three or more dimensions.
In video games, a negative number indicates loss of life, damage, a score penalty, or consumption of a resource, depending on the genre of the simulation. Employees with flexible working hours may have a negative balance on their timesheet if they have worked fewer total hours than contracted to that point. Employees may be able to take more ...