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PRICE FIXING: An agreement by two or more firms in an industry to charge the same price and avoid competing with each other. This is one of the methods businesses use to practice collusion or form a cartel. It is, by the way, against antitrust law.
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UNCERTAINTY The observation and recognition that information, especially information about the future, is not known. While any number of events might occur in the future, uncertainty exists because which specific events will occur is unknown. A related concept is risk, which is assigning probabilities to potential future outcomes. Uncertainty is a central component in the economic study of information.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for slightly overweight pizza delivery guys.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Progress begins with the belief that what is necessary is possible. " -- Norman Cousins, editor, writer
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MLE
Maximum Likelihood Estimator
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