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Every request received by a non-failing node in the system must result in a response. This is the definition of availability in CAP theorem as defined by Gilbert and Lynch. [1] Note that availability as defined in CAP theorem is different from high availability in software architecture. [5] Partition tolerance
In economics, a utility representation theorem shows that, under certain conditions, a preference ordering can be represented by a real-valued utility function, such that option A is preferred to option B if and only if the utility of A is larger than that of B.
Economic equilibrium is studied in optimization theory as a key ingredient of economic theorems that in principle could be tested against empirical data. [ 7 ] [ 60 ] Newer developments have occurred in dynamic programming and modeling optimization with risk and uncertainty , including applications to portfolio theory , the economics of ...
The earlier theorem assumes that agents have preferences on lotteries with arbitrary probabilities. Debreu's theorem weakens this assumption and assumes only that agents have preferences on equal-chance lotteries (i.e., they can only answer questions of the form: "Do you prefer A over an equal-chance lottery between B and C?").
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Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
Factor price equalization is an economic theory, by Paul A. Samuelson (1948), which states that the prices of identical factors of production, such as the wage rate or the rent of capital, will be equalized across countries as a result of international trade in commodities. The theorem assumes that there are two goods and two factors of ...