Examlex
In a hypothesis test when alpha is pre-specified, the researcher is trying to determine "Is the probability of what has been observed lesser than alpha?" and then decide accordingly.
Negative Externalities
A situation where a third party suffers from a decision or action made by others, typically not reflected in the market price.
Positive Externalities
Benefits enjoyed by third-party individuals or the society at large, which result from an economic activity but are not reflected in the market prices.
Negative Externality
An external effect of a product or activity that imposes a negative impact on a third party or the environment.
Internalize
The process of taking into account the external effects of economic actions, such as externalities, within the decision-making process.
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