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A relevant cost (also called avoidable cost or differential cost) [1] is a cost that differs between alternatives being considered. [2] In order for a cost to be a relevant cost it must be: It is often important for businesses to distinguish between relevant and irrelevant costs when analyzing alternatives because erroneously considering ...
The average value of the trajectories' end-point is exactly equal to the height of the surface. In mathematical finance, the Black–Scholes equation, also called the Black–Scholes–Merton equation, is a partial differential equation (PDE) governing the price evolution of derivatives under the Black–Scholes model. [ 1]
The incremental cost-effectiveness ratio ( ICER) is a statistic used in cost-effectiveness analysis to summarise the cost-effectiveness of a health care intervention. It is defined by the difference in cost between two possible interventions, divided by the difference in their effect. It represents the average incremental cost associated with 1 ...
A stochastic differential equation (SDE) is a differential equation in which one or more of the terms is a stochastic process, [1] resulting in a solution which is also a stochastic process. SDEs have many applications throughout pure mathematics and are used to model various behaviours of stochastic models such as stock prices , [ 2 ] random ...
An informal definition of differential privacy. Differential privacy ( DP) is a mathematically rigorous framework for releasing statistical information about datasets while protecting the privacy of individual data subjects. It enables a data holder to share aggregate patterns of the group while limiting information that is leaked about ...
The slope of the tangent line equals the derivative of the function at the marked point. In mathematics, differential calculus is a subfield of calculus that studies the rates at which quantities change. [ 1] It is one of the two traditional divisions of calculus, the other being integral calculus —the study of the area beneath a curve.
It is the most basic explicit method for numerical integration of ordinary differential equations and is the simplest Runge–Kutta method. The Euler method is named after Leonhard Euler, who first proposed it in his book Institutionum calculi integralis (published 1768–1770). [ 1]
Cost–utility analysis. Cost–utility analysis ( CUA) is a form of economic analysis used to guide procurement decisions. The most common and well-known application of this analysis is in pharmacoeconomics, especially health technology assessment (HTA).