Economics

In psychology, economics and philosophy, preference is a technical term usually used in relation to choosing between alternatives. For example, someone prefers A over B if they would rather choose A than B. Preferences are central to decision theory because of this relation to behavior. Some methods such as Ordinal Priority Approach use preference relation for decision-making. As connative states, they are closely related to desires. The difference between the two is that desires are directed at one object while preferences concern a comparison between two alternatives, of which one is preferred to the other.

In insolvency, the term is used to determine which outstanding obligation the insolvent party has to settle first.

Risk is the possibility of something bad happening, comprising a level of uncertainty about the effects and implications of an activity, particularly negative and undesirable consequences.

Risk theory, assessment, and management are applied but substantially differ in different practice areas, such as business, economics, environment, finance, information technology, health, insurance, safety, security, and privacy. The international standard for risk management, ISO 31000, provides general guidelines and principles on managing risks faced by organizations.

Uncertainty or incertitude refers to situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown, and is particularly relevant for decision-making. Uncertainty arises in partially observable or stochastic or complex or dynamic environments, as well as due to ignorance, indolence, or both. It arises in any number of fields, including insurance, philosophy, physics, statistics, economics, entrepreneurship, finance, medicine, psychology, sociology, engineering, metrology, meteorology, ecology and information science.

Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly balanced by the losses and gains of the other participant. In the 1950s, it was extended to the study of non zero-sum games, and was eventually applied to a wide range of behavioral relations. It is now an umbrella term for the science of rational decision making in humans, animals, and computers.

Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was followed by Theory of Games and Economic Behavior (1944), co-written with Oskar Morgenstern, which considered cooperative games of several players. The second edition provided an axiomatic theory of expected utility, which allowed mathematical statisticians and economists to treat decision-making under uncertainty.

The Bloomsbury Group was a group of associated British writers, intellectuals, philosophers and artists in the early 20th century. Among the people involved in the group were Virginia Woolf, John Maynard Keynes, E. M. Forster, Vanessa Bell, and Lytton Strachey. Their works and outlook deeply influenced literature, aesthetics, criticism, and economics, as well as modern attitudes towards feminism, pacifism, and sexuality.

Although popularly thought of as a formal group, it was a loose collective of friends and relatives closely associated with the University of Cambridge for the men and King's College London for the women, who at one point lived, worked or studied together near Bloomsbury, London. According to Ian Ousby, "although its members denied being a group in any formal sense, they were united by an abiding belief in the importance of the arts." The historian Raymond Williams disputed the existence of the group and the extent of its impact.

In social science, foodways are the cultural, social, and economic practices relating to the production and consumption of food. Foodways often refers to the intersection of food in culture, traditions, and history.

Philosophy of science is the branch of philosophy concerned with the foundations, methods, and implications of science. Amongst its central questions are the difference between science and non-science, the reliability of scientific theories, and the ultimate purpose and meaning of science as a human endeavour. Philosophy of science focuses on metaphysical, epistemic and semantic aspects of scientific practice, and overlaps with metaphysics, ontology, logic, and epistemology, for example, when it explores the relationship between science and the concept of truth. Philosophy of science is both a theoretical and empirical discipline, relying on philosophical theorising as well as meta-studies of scientific practice. Ethical issues such as bioethics and scientific misconduct are often considered ethics or science studies rather than the philosophy of science.

Many of the central problems concerned with the philosophy of science lack contemporary consensus, including whether science can infer truth about unobservable entities and whether inductive reasoning can be justified as yielding definite scientific knowledge. Philosophers of science also consider philosophical problems within particular sciences (such as biology, physics and social sciences such as economics and psychology). Some philosophers of science also use contemporary results in science to reach conclusions about philosophy itself.

Data (/ˈdeɪtə/ DAY-tə, US also /ˈdætə/ DAT-ə) are a collection of discrete or continuous values that convey information, describing the quantity, quality, fact, statistics, other basic units of meaning, or simply sequences of symbols that may be further interpreted formally. A datum is an individual value in a collection of data. Data are usually organized into structures such as tables that provide additional context and meaning, and may themselves be used as data in larger structures. Data may be used as variables in a computational process. Data may represent abstract ideas or concrete measurements.Data are commonly used in scientific research, economics, and virtually every other form of human organizational activity. Examples of data sets include price indices (such as the consumer price index), unemployment rates, literacy rates, and census data. In this context, data represent the raw facts and figures from which useful information can be extracted.

Data are collected using techniques such as measurement, observation, query, or analysis, and are typically represented as numbers or characters that may be further processed. Field data are data that are collected in an uncontrolled, in-situ environment. Experimental data are data that are generated in the course of a controlled scientific experiment. Data are analyzed using techniques such as calculation, reasoning, discussion, presentation, visualization, or other forms of post-analysis. Prior to analysis, raw data (or unprocessed data) is typically cleaned: Outliers are removed, and obvious instrument or data entry errors are corrected.

Cognitive psychology is the scientific study of human mental processes such as attention, language use, memory, perception, problem solving, creativity, and reasoning. Cognitive psychology originated in the 1960s in a break from behaviorism, which held from the 1920s to 1950s that unobservable mental processes were outside the realm of empirical science. This break came as researchers in linguistics, cybernetics, and applied psychology used models of mental processing to explain human behavior. Work derived from cognitive psychology was integrated into other branches of psychology and various other modern disciplines like cognitive science, linguistics, and economics.

Mass media refers to the forms of media that reach large audiences via mass communication. It includes broadcast media, digital media, print media, social media, streaming media, advertising, and events.

Mass media encompasses news, advocacy, entertainment, and public service announcements, and intersects with the study of marketing, propaganda, public relations, political communication, journalism, art, drama, computing, and technology. The influence of mass media on individuals and groups has also been analysed from the standpoint of anthropology, economics, history, law, philosophy, psychology, and sociology.