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Expected Revenue
Expected revenue is the amount of money a business anticipates earning over a specified period, often based on historical data and future projections.
Probability Distribution
A mathematical function that gives the probabilities of occurrence of different possible outcomes for an experiment.
English Auction
A type of auction where bidders publicly submit higher and higher bids, with the highest bidder winning the item.
Rational Self-Interest
The principle that individuals will make decisions that benefit themselves, assuming they have all necessary information and make rational choices.
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