A stochastic process where the expected future value of a variable, given the current information, is equal to its current value.
Production on a large scale, using mechanized methods to produce standardized goods.
A derogatory term for the practice of altering statistical data to fit certain narratives or remove discrepancies.
A model of interaction between agents where joint productivity or pay-offs depend on individual characteristics on both sides, used in labor market studies.
Definition and meaning of the term 'matching pennies' in economics.
An overview of material resources within an economic context
An exploration of the field of mathematical economics, which is at the boundary between economics and applied mathematics.
The maximin principle is a theory of distributive justice proposed by John Rawls. The principle states that the social objective should be the maximization of the utility of the worst-off person.
An overview of Maximum Likelihood Estimator (MLE), a method used to estimate unknown parameters of a distribution by maximizing the likelihood function of the sample.
