Examlex
What is a simplified representation or abstraction of reality?
Diffuse Costs
Costs that are spread out over many consumers or taxpayers, making them hard to identify and attribute to any single action.
Median-Voter Model
A theory suggesting that the outcome of majority voting processes will reflect the preferences of the median voter.
Cost-Benefit Analysis
A systematic approach to estimate the strengths and weaknesses of alternatives, assessing the value of costs and benefits to support decision-making.
Paired-Choice Majority Votes
A voting method in which voters choose between pairs of candidates or options, with the majority preference deciding the outcome.
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