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In decision theory, the von Neumann–Morgenstern (VNM) utility theorem demonstrates that rational choice under uncertainty involves making decisions that take the form of maximizing the expected value of some cardinal utility function. This function is known as the von Neumann–Morgenstern utility function.
The expected utility hypothesis states an agent chooses between risky prospects by comparing expected utility values (i.e. the weighted sum of adding the respective utility values of payoffs multiplied by their probabilities). The summarised formula for expected utility is where is the probability that outcome indexed by with payoff is realized ...
Completeness is a property of the real numbers that, intuitively, implies that there are no "gaps" (in Dedekind's terminology) or "missing points" in the real number line. This contrasts with the rational numbers, whose corresponding number line has a "gap" at each irrational value. In the decimal number system, completeness is equivalent to ...
Illustration of the Archimedean property. In abstract algebra and analysis, the Archimedean property, named after the ancient Greek mathematician Archimedes of Syracuse, is a property held by some algebraic structures, such as ordered or normed groups, and fields. The property, as typically construed, states that given two positive numbers and ...
In mathematics, the least-upper-bound property (sometimes called completeness, supremum property or l.u.b. property) [1] is a fundamental property of the real numbers. More generally, a partially ordered set X has the least-upper-bound property if every non-empty subset of X with an upper bound has a least upper bound (supremum) in X .
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v. t. e. Archimedes' principle (also spelled Archimedes's principle) states that the upward buoyant force that is exerted on a body immersed in a fluid, whether fully or partially, is equal to the weight of the fluid that the body displaces. [ 1 ] Archimedes' principle is a law of physics fundamental to fluid mechanics.
And one state is taking the lion’s share in terms of homeowners paying $4,000 or more annually. Florida had the highest percentage — 20% — of homeowners paying that annual amount for ...