Category: Concepts
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Sensitivity Analysis
Sensitivity Analysis quantifies the impact of variable changes on a specific outcome within a model. Employed across various disciplines, it aids in risk assessment, model validation, and decision-making, offering metrics to represent sensitivity.
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Be Bold (Wiki Culture)
In wiki communities, the “Be Bold” doctrine urges participants to contribute actively, aiming to cultivate a dynamic, collaborative space. This ethos coexists with guidelines that encourage discussion and ensure responsible editing.
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Being Too Early is Indistinguishable from Being Wrong
An idea introduced too soon confronts economic, psychological, and societal hurdles that often render it indistinguishable from an incorrect or unviable concept, irrespective of its inherent merits.
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Negative Externalities
Economic activities can impose unaccounted-for costs on society, known as negative externalities. These inefficiencies often lead to government interventions and have widespread implications, affecting issues as significant as climate change and public health.
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Punctuated Equilibrium
Punctuated Equilibrium, introduced by Gould and Eldredge in 1972, proposes that species evolution features long periods of stability, punctuated by brief, rapid changes. Supported by fossil record patterns, it contrasts with traditional views of continuous, gradual evolution and has influenced multiple academic fields.
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Separation of Concerns
Separation of Concerns (SoC) is a design principle emphasizing distinct responsibilities within a system. Originating from Dijkstra’s work, it’s foundational in managing complexity across computer science, software engineering, and broader disciplines, promoting modularity, readability, and reusability.
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Productive Bubbles
“Productive Bubbles,” as identified by Bill Janeway, describe financial episodes where heightened speculation funds technological innovations. Though many such ventures falter, the aftermath often yields transformative technologies that impact industries and societies, demonstrating the paradox of wasteful investment leading to lasting advancements.
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Complete Market
In complete markets, every possible outcome has a corresponding financial instrument, facilitating total risk mitigation. This environment is free of arbitrage and optimally processes market information. Nonetheless, achieving perfect market completeness is often elusive in practice.
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Chicago Pile-1
In 1942, Chicago Pile-1, under Enrico Fermi’s guidance at the University of Chicago, achieved the inaugural controlled nuclear chain reaction. This milestone shaped the trajectory of atomic research, influencing energy sectors and wartime strategies.