Examlex
____ defines the format and meaning of messages exchanged by the manager and agents.
Adverse Selection
A situation in which one party in a transaction has more or better information than the other, often leading to inefficiencies.
Market Wage
The prevailing wage rate for labor in a particular market, influenced by supply and demand.
Pairwise Majority Voting
A voting system in which each option is compared head-to-head with every other option, and the option that wins the most comparisons is selected.
Transitivity
The concept in mathematics and logic that if relation "A" is related to "B", and "B" is related to "C", then "A" is related to "C".
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