Examlex
Random assignment is used in experiments because researchers want to
Diminishing Marginal
Refers to a principle where the marginal gain (such as utility or productivity) from an additional unit decreases as more units are consumed or produced.
Transitivity
Transitivity in decision-making implies that if a person prefers option A over B, and B over C, then the person should also prefer A over C, forming a consistent order of preferences.
Completeness
In decision theory, the idea that every set of choices can be ranked in an order of preference, allowing for a consistent choice under different scenarios.
Indifference Curve
A graph representing combinations of goods among which a consumer is indifferent, reflecting their preferences and utility.
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