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In mathematics, a relation denotes some kind of relationship between two objects in a set, which may or may not hold. [1] As an example, " is less than " is a relation on the set of natural numbers ; it holds, for instance, between the values 1 and 3 (denoted as 1 < 3 ), and likewise between 3 and 4 (denoted as 3 < 4 ), but not between the ...
Between the world wars, advances in mathematical statistics and a cadre of mathematically trained economists led to econometrics, which was the name proposed for the discipline of advancing economics by using mathematics and statistics. Within economics, "econometrics" has often been used for statistical methods in economics, rather than ...
A partial function from X to Y is thus a ordinary function that has as its domain a subset of X called the domain of definition of the function. If the domain of definition equals X, one often says that the partial function is a total function. In several areas of mathematics the term "function" refers to partial functions rather than to ...
In financial mathematics, a risk measure is used to determine the amount of an asset or set of assets (traditionally currency) to be kept in reserve.The purpose of this reserve is to make the risks taken by financial institutions, such as banks and insurance companies, acceptable to the regulator.
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
A relation with n "places" is variously called an n-ary relation, an n-adic relation or a relation of degree n. Relations with a finite number of places are called finitary relations (or simply relations if the context is clear). It is also possible to generalize the concept to infinitary relations with infinite sequences. [4]
In mathematics, a recurrence relation is an equation according to which the th term of a sequence of numbers is equal to some combination of the previous terms. Often, only k {\displaystyle k} previous terms of the sequence appear in the equation, for a parameter k {\displaystyle k} that is independent of n {\displaystyle n} ; this number k ...
In the monoid of binary endorelations on a set (with the binary operation on relations being the composition of relations), the converse relation does not satisfy the definition of an inverse from group theory, that is, if is an arbitrary relation on , then does not equal the identity relation on in general.