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In mathematics, a supermodular function is a function on a lattice that, informally, has the property of being characterized by "increasing differences." Seen from the point of set functions, this can also be viewed as a relationship of "increasing returns", where adding more elements to a subset increases its valuation.
The mechanical effect is the effect that the tax change would have on government revenue, if no individuals changed their behaviour in response. For a tax increase, this is positive. The behavioural effect is the effect that the behavioural change induced by the tax change would have on government revenue, at the initial tax rates. Raising ...
A lattice is an abstract structure studied in the mathematical subdisciplines of order theory and abstract algebra.It consists of a partially ordered set in which every pair of elements has a unique supremum (also called a least upper bound or join) and a unique infimum (also called a greatest lower bound or meet).
Hasse diagram of a complemented lattice. A point p and a line l of the Fano plane are complements if and only if p does not lie on l.. In the mathematical discipline of order theory, a complemented lattice is a bounded lattice (with least element 0 and greatest element 1), in which every element a has a complement, i.e. an element b satisfying a ∨ b = 1 and a ∧ b = 0.
Binomial Lattice for equity, with CRR formulae Tree for an bond option returning the OAS (black vs red): the short rate is the top value; the development of the bond value shows pull-to-par clearly . In quantitative finance, a lattice model [1] is a numeric approach to the valuation of derivatives in situations requiring a discrete time model.
If such a structure has also a greatest element (the meet of the empty set), it is also a complete lattice. Thus a complete semilattice turns out to be "a complete lattice possibly lacking a top". This definition is of interest specifically in domain theory, where bounded complete algebraic cpos are studied as Scott domains.
A partially ordered set that is both a join-semilattice and a meet-semilattice is a lattice. A lattice in which every subset, not just every pair, possesses a meet and a join is a complete lattice. It is also possible to define a partial lattice, in which not all pairs have a meet or join but the operations (when defined) satisfy certain axioms ...
Behavioural economics also adopts and explains several human behavioural traits within the constraint of the standard economic model. These include bounded rationality, bounded willpower, and bounded selfishness. [6] Bounded rationality was first proposed by Herbert Simon.