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Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives.It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. [1]
Solution of a travelling salesperson problem: the black line shows the shortest possible loop that connects every red dot. The travelling salesman problem, also known as the travelling salesperson problem (TSP), asks the following question: "Given a list of cities and the distances between each pair of cities, what is the shortest possible route that visits each city exactly once and returns ...
Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO) give new meaning to the word "unstoppable" in the context of pharma stocks. Whereas the total return of Lilly's shares soared by 245% over the ...
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An Amici roof prism, named for its inventor, the Italian astronomer Giovanni Battista Amici, is a type of reflecting prism used to deviate a beam of light by 90° while simultaneously inverting the image. It is commonly used in the eyepieces of telescopes as an image erecting system. It is sometimes called an Amici prism or right angle roof ...
On the other hand, if it costs less to abate the smoke than to move the neighbors, then the factory ought to pay the tax or buy the clean technology to provide clean air for the surrounding residents. Once the optimum solution is implemented, Coase argues that the tax should not change, regardless of changing circumstances.
Optimization problems are often multi-modal; that is, they possess multiple good solutions. They could all be globally good (same cost function value) or there could be a mix of globally good and locally good solutions. Obtaining all (or at least some of) the multiple solutions is the goal of a multi-modal optimizer.
The Heckman correction is a statistical technique to correct bias from non-randomly selected samples or otherwise incidentally truncated dependent variables, a pervasive issue in quantitative social sciences when using observational data. [1]
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