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Bayesian Persuasion
In economics and game theory, Bayesian persuasion involves a situation where one participant (the sender) wants to Persuasion, persuade the other (the receiver) of a certain course of action. There is an unknown state of the world, and the sender must commit to a decision of what information to disclose to the receiver. Upon seeing said information, the receiver will Belief revision, revise their belief about the state of the world using Bayes' Rule and select an action. Bayesian persuasion was introduced by Kamenica and Gentzkow, though its origins can be traced back to Aumann and Maschler (1995). Bayesian persuasion is a special case of a principal–agent problem: the principal is the sender and the agent is the receiver. It can also be seen as a communication protocol, comparable to signaling games; the sender must decide what signal to reveal to the receiver to maximize their expected utility. It can also be seen as a form of cheap talk. Example Consider the following illust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve (accounting)
In financial accounting, reserve always has a credit balance and can refer to a part of shareholders' equity, a liability for estimated claims, or contra-asset for uncollectible accounts. A reserve can appear in any part of shareholders' equity except for contributed or basic share capital. In nonprofit accounting, an "operating reserve" is the unrestricted cash on hand available to sustain an organization, and nonprofit boards usually specify a target of maintaining several months of operating cash or a percentage of their annual income, called an operating reserve ratio. Types of reserves in accounting treatment There are different types of reserves used in financial accounting, including capital reserves, revenue reserves, statutory reserves, realized reserves, unrealized reserves. Equity ''reserves'' are created from several possible sources: * Reserves created from shareholders' contributions, the most common examples of which are: ** ''legal reserve fund'' – it is requ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regret (decision Theory)
In decision theory, regret aversion (or anticipated regret) describes how the human emotional response of regret can influence decision-making under uncertainty. When individuals make choices without complete information, they often experience regret if they later discover that a different choice would have produced a better outcome. This regret can be quantified as the difference in value between the actual decision made and what would have been the optimal decision in hindsight. Unlike traditional models that consider regret as merely a post-decision emotional response, the theory of regret aversion proposes that decision-makers actively anticipate potential future regret and incorporate this anticipation into their current decision-making process. This anticipation can lead individuals to make choices specifically designed to minimize the possibility of experiencing regret later, even if those choices are not optimal from a purely probabilistic expected-value perspective. Regre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Algorithm
In computer science, an online algorithm is one that can process its input piece-by-piece in a serial fashion, i.e., in the order that the input is fed to the algorithm, without having the entire input available from the start. In contrast, an offline algorithm is given the whole problem data from the beginning and is required to output an answer which solves the problem at hand. In operations research Operations research () (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a branch of applied mathematics that deals with the development and application of analytical methods to improve management and ..., the area in which online algorithms are developed is called online optimization. As an example, consider the sorting algorithms selection sort and insertion sort: selection sort repeatedly selects the minimum element from the unsorted remainder and places it at the front, which requires access to the entire input; it is thus a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Computational Complexity
In computer science, the computational complexity or simply complexity of an algorithm is the amount of resources required to run it. Particular focus is given to computation time (generally measured by the number of needed elementary operations) and memory storage requirements. The complexity of a problem is the complexity of the best algorithms that allow solving the problem. The study of the complexity of explicitly given algorithms is called analysis of algorithms, while the study of the complexity of problems is called computational complexity theory. Both areas are highly related, as the complexity of an algorithm is always an upper bound on the complexity of the problem solved by this algorithm. Moreover, for designing efficient algorithms, it is often fundamental to compare the complexity of a specific algorithm to the complexity of the problem to be solved. Also, in most cases, the only thing that is known about the complexity of a problem is that it is lower than the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pseudo-polynomial Time
In computational complexity theory, a numeric algorithm runs in pseudo-polynomial time if its running time is a polynomial in the ''numeric value'' of the input (the largest integer present in the input)—but not necessarily in the ''length'' of the input (the number of bits required to represent it), which is the case for polynomial time algorithms.Michael R. Garey and David S. Johnson. Computers and Intractability: A Guide to the Theory of NP-Completeness. W.H. Freeman and Company, 1979. In general, the numeric value of the input is exponential in the input length, which is why a pseudo-polynomial time algorithm does not necessarily run in polynomial time with respect to the input length. An NP-complete problem with known pseudo-polynomial time algorithms is called weakly NP-complete. An NP-complete problem is called strongly NP-complete if it is proven that it cannot be solved by a pseudo-polynomial time algorithm unless . The strong/weak kinds of NP-hardness are defined ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Polynomial Time
In theoretical computer science, the time complexity is the computational complexity that describes the amount of computer time it takes to run an algorithm. Time complexity is commonly estimated by counting the number of elementary operations performed by the algorithm, supposing that each elementary operation takes a fixed amount of time to perform. Thus, the amount of time taken and the number of elementary operations performed by the algorithm are taken to be related by a constant factor. Since an algorithm's running time may vary among different inputs of the same size, one commonly considers the worst-case time complexity, which is the maximum amount of time required for inputs of a given size. Less common, and usually specified explicitly, is the average-case complexity, which is the average of the time taken on inputs of a given size (this makes sense because there are only a finite number of possible inputs of a given size). In both cases, the time complexity is gener ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiction
Fiction is any creative work, chiefly any narrative work, portraying character (arts), individuals, events, or setting (narrative), places that are imagination, imaginary or in ways that are imaginary. Fictional portrayals are thus inconsistent with fact, history, or plausibility. In a traditional narrow sense, fiction refers to literature, written narratives in prose often specifically novels, novellas, and short story, short stories. More broadly, however, fiction encompasses imaginary narratives expressed in any Media (communication), medium, including not just writings but also drama, live theatrical performances, films, television programs, radio dramas, comics, role-playing games, and video games. Definition and theory Typically, the fictionality of a work is publicly expressed, so the audience expects a work of fiction to deviate to a greater or lesser degree from the real world, rather than presenting for instance only factually accurate portrayals or character (arts ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Feedback
Feedback occurs when outputs of a system are routed back as inputs as part of a chain of cause and effect that forms a circuit or loop. The system can then be said to ''feed back'' into itself. The notion of cause-and-effect has to be handled carefully when applied to feedback systems: History Self-regulating mechanisms have existed since antiquity, and the idea of feedback started to enter economic theory in Britain by the 18th century, but it was not at that time recognized as a universal abstraction and so did not have a name. The first ever known artificial feedback device was a float valve, for maintaining water at a constant level, invented in 270 BC in Alexandria, Egypt. This device illustrated the principle of feedback: a low water level opens the valve, the rising water then provides feedback into the system, closing the valve when the required level is reached. This then reoccurs in a circular fashion as the water level fluctuates. Centrifugal governors were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Teaching
Teaching is the practice implemented by a ''teacher'' aimed at transmitting skills (knowledge, know-how, and interpersonal skills) to a learner, a student, or any other audience in the of an educational institution. Teaching is closely related to ''learning'', the student's activity of appropriating this knowledge. Teaching is part of the broader concept of ''education''. Profession Training Teaching in non-human animals Teaching has been considered uniquely human because of mentalistic definitions. Indeed, in psychology, teaching is defined by the intention of the teacher, which is to transmit information and/or behavior and/or skill. This implies the need for the teacher to assess the knowledge state of the potential learner, thus to demonstrate theory of mind abilities. As theory of mind and intentions are difficult (if not impossible) to assess in non-humans, teaching was considered uniquely human. However, if teaching is defined by its function, it is then possible ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grading In Education
Grading in education is the application of standardized Measurement, measurements to evaluate different levels of student achievement in a course. Grades can be expressed as letters (usually A to F), as a range (for example, 1 to 6), percentages, or as numbers out of a possible total (often out of 100). The exact system that is used varies worldwide. Significance In some countries, grades are averaged to create a grade point average (GPA). GPA is calculated by using the number of grade points a student earns in a given period of time. A GPA is often calculated for high school, undergraduate, and graduate school, graduate students. A cumulative grade point average (CGPA) is the average of all the GPAs a student has achieved during their time at the institution. Students are sometimes required to maintain a certain GPA in order to be admitted to a certain academic program or to remain in that program. Grades are also used in decisions to provide a student with financial aid or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Regulation
Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest considerations; and information asymmetry, which justifies curbs on freedom of contract in selected areas of financial services, particularly those that involve retail clients and/or principal–agent problems. An integral part of financial regulation is the supervision of designated financial firms and markets by specialized authorities such as securities commissions and bank supervision, bank supervisors. In some jurisdictions, certain aspects of financial supervision are delegated to self-regulatory organizations. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law. History In the early modern period, the Dutch were the pioneers in finan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
