Examlex
Regression analysis assumes a linear relationship is a bad description of the relationship between two variables.
Lemons
In economics, refers to products of lower quality that cannot be distinguished from higher quality products before purchase, derived from the market for used cars analyzed by George Akerlof.
Expected Value
A statistic that measures the mean, or average, outcome of a set of probabilities or a random variable.
English Auction
A method of auctioning in which the price ascends with successive bids and remains with the highest bidder who then wins the auctioned item.
Reservation Price
The maximum price a consumer is willing to pay for a good or service, beyond which they would prefer not to make a purchase.
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