Examlex
What is the significance of the following:
Nash Equilibrium
An idea in game theory that suggests a player cannot improve their situation by changing strategy if every other player's strategy remains the same.
Even Dollar Increments
A pricing strategy where goods or services are priced in whole dollar amounts rather than including cents.
Complete Stranger
A person whom one does not know or with whom one is not familiar.
Expected Loss
The predicted amount of loss a business might suffer due to risks, calculated as the sum of all possible losses multiplied by their respective probabilities.
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