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Price equation. In the theory of evolution and natural selection, the Price equation (also known as Price's equation or Price's theorem) describes how a trait or allele changes in frequency over time. The equation uses a covariance between a trait and fitness, to give a mathematical description of evolution and natural selection.
George Robert Price (October 16, 1922 – January 6, 1975) was an American population geneticist. Price is often noted for his formulation of the Price equation in 1967. Originally a physical chemist and later a science journalist, he moved to London in 1967, where he worked in theoretical biology at the Galton Laboratory, making three ...
t. e. The gene-centered view of evolution, gene's eye view, gene selection theory, or selfish gene theory holds that adaptive evolution occurs through the differential survival of competing genes, increasing the allele frequency of those alleles whose phenotypic trait effects successfully promote their own propagation. [1][2][3] The proponents ...
Quantity theory of money. The quantity theory of money (often abbreviated QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices.
The Black–Scholes / ˌblæk ˈʃoʊlz / [1] or Black–Scholes–Merton model is a mathematical model for the dynamics of a financial market containing derivative investment instruments. From the parabolic partial differential equation in the model, known as the Black–Scholes equation, one can deduce the Black–Scholes formula, which gives ...
A good's price elasticity of demand ( , PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good (law of demand), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent ...
A price display for a tagged clothes item at Kohl's. A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, especially when the product is a service rather than a physical good, the price for the service may be called ...
The model is central to the theory of general (economic) equilibrium and it is often used as a general reference for other microeconomic models. It was proposed by Kenneth Arrow, Gérard Debreu in 1954, [1] and Lionel W. McKenzie independently in 1954, [2] with later improvements in 1959. [3][4] The A-D model is one of the most general models ...