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Relative risk is used in the statistical analysis of the data of ecological, cohort, medical and intervention studies, to estimate the strength of the association between exposures (treatments or risk factors) and outcomes. [2] Mathematically, it is the incidence rate of the outcome in the exposed group, , divided by the rate of the unexposed ...
In one model in monetary economics, an increase in relative risk aversion increases the impact of households' money holdings on the overall economy. In other words, the more the relative risk aversion increases, the more money demand shocks will impact the economy. [13]
In economics, elasticity of intertemporal substitution (or intertemporal elasticity of substitution, EIS, IES) is a measure of responsiveness of the growth rate of consumption to the real interest rate. [1] If the real interest rate rises, current consumption may decrease due to increased return on savings; but current consumption may also ...
The risk difference (RD), excess risk, or attributable risk[1] is the difference between the risk of an outcome in the exposed group and the unexposed group. It is computed as , where is the incidence in the exposed group, and is the incidence in the unexposed group. If the risk of an outcome is increased by the exposure, the term absolute risk ...
The isoelastic utility function is a special case of hyperbolic absolute risk aversion and at the same time is the only class of utility functions with constant relative risk aversion, which is why it is also called the CRRA utility function. In statistics, the same function is called the Box-Cox transformation.
In epidemiology, the relative risk reduction (RRR) or efficacy is the relative decrease in the risk of an adverse event in the exposed group compared to an unexposed group. It is computed as , where is the incidence in the exposed group, and is the incidence in the unexposed group. If the risk of an adverse event is increased by the exposure ...
The relative risk (RR), also called risk ratio, is simply the risk (probability) of an event relative to some independent variable. This measure of effect size differs from the odds ratio in that it compares probabilities instead of odds , but asymptotically approaches the latter for small probabilities.
Frequently used measures of risk and benefit identified by Jerkel, Katz and Elmore, [4] describe measures of risk difference (attributable risk), rate difference (often expressed as the odds ratio or relative risk), population attributable risk (PAR), and the relative risk reduction, which can be recalculated into a measure of absolute benefit ...