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Credibility theory is a branch of actuarial mathematics concerned with determining risk premiums. [1] To achieve this, it uses mathematical models in an effort to forecast the ( expected ) number of insurance claims based on past observations.
In a review of the credibility thesis, Delilah Griswold contended that "credibility is a powerful metric by which to understand and evaluate tenure systems. Importantly, understanding the credibility of a given institution requires analysis outside of theory and politics, analysis that is locally and temporally specific and multilayered."
Realist evaluation techniques recognise that there are many interwoven variables operative at different levels in society, thus this evaluation method suits complex social interventions, rather than traditional cause-effect, non-contextual methods of analysis. This realist technique acknowledges that intervention programmes and policy changes ...
Rational choice (also termed rationalism) is a prominent framework in international relations scholarship. Rational choice is not a substantive theory of international politics, but rather a methodological approach that focuses on certain types of social explanation for phenomena. [1]
Milton Friedman (/ ˈ f r iː d m ən / ⓘ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. [4]
The market portfolio is unobservable: The market portfolio in practice would necessarily include every single possible available asset, including real estate, precious metals, stamp collections, jewelry, and anything with any worth. The returns on all possible investments opportunities are unobservable.
Studies driving the credibility revolution have made use of better quality data, and also econometric techniques such as difference in differences, instrumental variables, regression discontinuity, natural experiments, and even, when funding and opportunity permit, true randomized experiments. These techniques have made it possible (in ...
The cobweb model or cobweb theory is an economic model that explains why prices may be subjected to periodic fluctuations in certain types of markets.It describes cyclical supply and demand in a market where the amount produced must be chosen before prices are observed.