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A soil surveyor with knowledge of landscape/soil relationships can map the soils in a 100 ha watershed making far fewer auger holes than would be need for the same task by another soil surveyor who is not familiar with these relationships.
Vickrey Auction
A sealed-bid auction where the highest bidder wins but pays the second-highest bid price.
Willingness To Pay
The maximum amount an individual is ready to spend for a good or service.
Revenue
The total amount of money earned by a business from its operations, including sales of goods and services, before any deductions are made.
Probability
A measure of the likelihood or chance of a specific event occurring, often expressed as a number between 0 and 1.
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