Decision theoryDecision theory (or the theory of choice; not to be confused with choice theory) is a branch of applied probability theory and analytic philosophy concerned with the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome. There are three branches of decision theory: Normative decision theory: Concerned with the identification of optimal decisions, where optimality is often determined by considering an ideal decision-maker who is able to calculate with perfect accuracy and is in some sense fully rational.
Isoelastic utilityIn economics, the isoelastic function for utility, also known as the isoelastic utility function, or power utility function, is used to express utility in terms of consumption or some other economic variable that a decision-maker is concerned with. The isoelastic utility function is a special case of hyperbolic absolute risk aversion and at the same time is the only class of utility functions with constant relative risk aversion, which is why it is also called the CRRA utility function.
Life insuranceLife insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum.
Vehicle insuranceVehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Vehicle insurance may additionally offer financial protection against theft of the vehicle, and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects.
Insurance fraudInsurance fraud is any act committed to defraud an insurance process. It occurs when a claimant attempts to obtain some benefit or advantage they are not entitled to, or when an insurer knowingly denies some benefit that is due. According to the United States Federal Bureau of Investigation, the most common schemes include premium diversion, fee churning, asset diversion, and workers compensation fraud. Perpetrators in the schemes can be insurance company employees or claimants.
Independence of irrelevant alternativesThe independence of irrelevant alternatives (IIA), also known as binary independence or the independence axiom, is an axiom of decision theory and various social sciences. The term is used in different connotation in several contexts. Although it always attempts to provide an account of rational individual behavior or aggregation of individual preferences, the exact formulation differs widely in both language and exact content. Perhaps the easiest way to understand the axiom is how it pertains to casting a ballot.
Cyrillic scriptThe Cyrillic script (sᵻˈɹɪlᵻk ), Slavonic script or the Slavic script is a writing system used for various languages across Eurasia. It is the designated national script in various Slavic, Turkic, Mongolic, Uralic, Caucasian and Iranic-speaking countries in Southeastern Europe, Eastern Europe, the Caucasus, Central Asia, North Asia, and East Asia, and used by many other minority languages. around 250 million people in Eurasia use Cyrillic as the official script for their national languages, with Russia accounting for about half of them.
ReadingReading is the process of taking in the sense or meaning of letters, symbols, etc., especially by sight or touch. For educators and researchers, reading is a multifaceted process involving such areas as word recognition, orthography (spelling), alphabetics, phonics, phonemic awareness, vocabulary, comprehension, fluency, and motivation. Other types of reading and writing, such as pictograms (e.g., a hazard symbol and an emoji), are not based on speech-based writing systems.
John von NeumannJohn von Neumann (vɒn_ˈnɔɪmən ; Neumann János Lajos ˈnɒjmɒn ˈjaːnoʃ ˈlɒjoʃ; December 28, 1903 – February 8, 1957) was a Hungarian-American mathematician, physicist, computer scientist, engineer and polymath. He was regarded as having perhaps the widest coverage of any mathematician of his time and was said to have been "the last representative of the great mathematicians who were equally at home in both pure and applied mathematics". He integrated pure and applied sciences.
Marginal utilityIn economics, utility refers to the satisfaction or benefit that consumers derive from consuming a product or service. Marginal utility, on the other hand, describes the change in pleasure or satisfaction resulting from an increase or decrease in consumption of one unit of a good or service. Marginal utility can be positive, negative, or zero. For example, when eating pizza, the second piece brings more satisfaction than the first, indicating positive marginal utility.
LectureA lecture (from lēctūra ) is an oral presentation intended to present information or teach people about a particular subject, for example by a university or college teacher. Lectures are used to convey critical information, history, background, theories, and equations. A politician's speech, a minister's sermon, or even a business person's sales presentation may be similar in form to a lecture. Usually the lecturer will stand at the front of the room and recite information relevant to the lecture's content.
Reputation managementReputation management, originally a public relations term, refers to the influencing, controlling, enhancing, or concealing of an individual's or group's reputation. The growth of the internet and social media led to growth of reputation management companies, with search results as a core part of a client's reputation. Online reputation management, sometimes abbreviated as ORM, focuses on the management of product and service search engine results.
