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What is an example of a financial application in which simulation cannot be applied?
Mechanism Design
A field in economics and game theory that seeks to design rules or incentives for a system to achieve a desired objective, considering individuals' private information and incentives.
Welfare Policy
A governmental strategy designed to support the wellbeing of citizens, often through financial aid, healthcare, and education.
Health Insurance
A type of insurance that covers the whole or part of the risk of a person incurring medical expenses, spreading the risk over numerous individuals.
Adverse Selection
A situation in which sellers have information that buyers do not have, or vice versa, leading to an inefficient market outcome.
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