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Flashcard 1432470031628

Tags
#nature-of-language #sister-miriam-joseph #trivium
Question
A word is a [...].
Answer
symbol


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A word is a symbol. Its matter is the sensible sign; its form is the meaning imposed upon it by convention.

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Flashcard 1432867704076

Tags
#i-q #types-of-inteligence
Question
[...], e.g. numerical aptitude, problem solving, deciphering codes, abstract symbols and formulae.
Answer
Logic=mathematic


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Logic=mathematic, e.g. numerical aptitude, problem solving, deciphering codes, abstract symbols and formulae.

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Flashcard 1439710448908

Tags
#cfa-level-1 #corporate-finance #reading-36-cost-of-capital #study-session-11
Question
To estimate the cost of capital of a contemplated project you [...] and adjust it to reflect the risk of the contemplated project.
Answer
estimate the company's cost


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mpany must estimate project-specific costs of capital. What is often done, however, is to estimate the cost of capital for the company as a whole and then adjust this overall corporate cost of capital upward or downward to reflect the risk of <span>the contemplated project relative to the company’s average project.<span><body><html>

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1. INTRODUCTION
ital is a central issue in corporate financial management. For the analyst seeking to evaluate a company’s investment program and its competitive position, an accurate estimate of a company’s cost of capital is important as well. <span>Cost of capital estimation is a challenging task. As we have already implied, the cost of capital is not observable but, rather, must be estimated. Arriving at a cost of capital estimate requires a host of assumptions and estimates. Another challenge is that the cost of capital that is appropriately applied to a specific investment depends on the characteristics of that investment: The riskier the investment’s cash flows, the greater its cost of capital. In reality, a company must estimate project-specific costs of capital. What is often done, however, is to estimate the cost of capital for the company as a whole and then adjust this overall corporate cost of capital upward or downward to reflect the risk of the contemplated project relative to the company’s average project. This reading is organized as follows: In the next section, we introduce the cost of capital and its basic computation. Section 3 presents a selection of methods for estimat







Flashcard 1440228969740

Tags
#cfa-level-1 #factors-that-determine-market-structures #microeconomics #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4
Question
When the market dictates the price based on [...] , the individual firm has no control over pricing
Answer
aggregate supply and demand conditions


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When the market dictates the price based on aggregate supply and demand conditions, the individual firm has no control over pricing. The typical hog farmer in Nebraska and the milk producer in Bavaria are price takers . That is, they must accept whatever price the market dictates. This is the case under the market s

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2. ANALYSIS OF MARKET STRUCTURES
d monopoly is the local electrical power provider. In most cases, the monopoly power provider is allowed to earn a normal return on its investment and prices are set by the regulatory authority to allow that return. <span>2.2. Factors That Determine Market Structure Five factors determine market structure: The number and relative size of firms supplying the product; The degree of product differentiation; The power of the seller over pricing decisions; The relative strength of the barriers to market entry and exit; and The degree of non-price competition. The number and relative size of firms in a market influence market structure. If there are many firms, the degree of competition increases. With fewer firms supplying a good or service, consumers are limited in their market choices. One extreme case is the monopoly market structure, with only one firm supplying a unique good or service. Another extreme is perfect competition, with many firms supplying a similar product. Finally, an example of relative size is the automobile industry, in which a small number of large international producers (e.g., Ford and Toyota) are the leaders in the global market, and a number of small companies either have market power because they are niche players (e.g., Ferrari) or have little market power because of their narrow range of models or limited geographical presence (e.g., Škoda). In the case of monopolistic competition, there are many firms providing products to the market, as with perfect competition. However, one firm’s product is differentiated in some way that makes it appear better than similar products from other firms. If a firm is successful in differentiating its product, the differentiation will provide pricing leverage. The more dissimilar the product appears, the more the market will resemble the monopoly market structure. A firm can differentiate its product through aggressive advertising campaigns; frequent styling changes; the linking of its product with other, complementary products; or a host of other methods. When the market dictates the price based on aggregate supply and demand conditions, the individual firm has no control over pricing. The typical hog farmer in Nebraska and the milk producer in Bavaria are price takers . That is, they must accept whatever price the market dictates. This is the case under the market structure of perfect competition. In the case of monopolistic competition, the success of product differentiation determines the degree with which the firm can influence price. In the case of oligopoly, there are so few firms in the market that price control becomes possible. However, the small number of firms in an oligopoly market invites complex pricing strategies. Collusion, price leadership by dominant firms, and other pricing strategies can result. The degree to which one market structure can evolve into another and the difference between potential short-run outcomes and long-run equilibrium conditions depend on the strength of the barriers to entry and the possibility that firms fail to recoup their original costs or lose money for an extended period of time and are therefore forced to exit the market. Barriers to entry can result from very large capital investment requirements, as in the case of petroleum refining. Barriers may also result from patents, as in the case of some electronic products and drug formulas. Another entry consideration is the possibility of high exit costs. For example, plants that are specific to a special line of products, such as aluminum smelting plants, are non-redeployable, and exit costs would be high without a liquid market for the firm’s assets. High exit costs deter entry and are therefore also considered barriers to entry. In the case of farming, the barriers to entry are low. Production of corn, soybeans, wheat, tomatoes, and other produce is an easy process to replicate; therefore, those are highly competitive markets. Non-price competition dominates those market structures where product differentiation is critical. Therefore, monopolistic competition relies on competitive strategies that may not include pricing changes. An example of non-price competition is product differentiation through marketing. In other circumstances, non-price competition may occur because the few firms in the market feel dependent on each other. Each firm fears retaliatory price changes that would reduce total revenue for all of the firms in the market. Because oligopoly industries have so few firms, each firm feels dependent on the pricing strategies of the others. Therefore, non-price competition becomes a dominant strategy. Exhibit 1. Characteristics of Market Structure Market Structure Number of Sellers Degree of Product Differentiation Barriers to Entry Pricing Power of Firm Non-price Competition Perfect competition Many Homogeneous/ Standardized Very Low None None Monopolistic competition Many Differentiated Low Some Advertising and Product Differentiation Oligopoly Few Homogeneous/ Standardized High Some or Considerable Advertising and Product Differentiation Monopoly One Unique Product Very High Considerable Advertising From the perspective of the owners of the firm, the most desirable market structure is that with the most control over price, because this control can lead to large profits. Monopoly and oligopoly markets offer the greatest potential control over price; monopolistic competition offers less control. Firms operating under perfectly competitive market conditions have no control over price. From the consumers’ perspective, the most desirable market structure is that with the greatest degree of competition, because prices are generally lower. Thus, consumers would prefer as many goods and services as possible to be offered in competitive markets. As often happens in economics, there is a trade-off. While perfect competition gives the largest quantity of a good at the lowest price, other market forms may spur more innovation. Specifically, there may be high costs in researching a new product, and firms will incur such costs only if they expect to earn an attractive return on their research investment. This is the case often made for medical innovations, for example—the cost of clinical trials and experiments to create new medicines would bankrupt perfectly competitive firms but may be acceptable in an oligopoly market structure. Therefore, consumers can benefit from less-than-perfectly-competitive markets. PORTER’S FIVE FORCES AND MARKET STRUCTURE A financial analyst aiming to establish market conditions and consequent profitability of incumbent firms should start with the questions framed by Exhibit 1: How many sellers are there? Is the product differentiated? and so on. Moreover, in the case of monopolies and quasi monopolies, the analyst should evaluate the legislative and regulatory framework: Can the company set prices freely, or are there governmental controls? Finally, the analyst should consider the threat of competition from potential entrants. This analysis is often summarized by students of corporate strategy as “Porter’s five forces,” named after Harvard Business School professor Michael E. Porter. His book, Competitive Strategy, presented a systematic analysis of the practice of market strategy. Porter (2008) identified the five forces as: Threat of entry; Power of suppliers; Power of buyers (customers); Threat of substitutes; and Rivalry among existing competitors. It is easy to note the parallels between four of these five forces and the columns in Exhibit 1. The only “orphan” is the power of suppliers, which is not at the core of the theoretical economic analysis of competition, but which has substantial weight in the practical analysis of competition and profitability. Some stock analysts (e.g., Dorsey 2004) use the term “economic moat” to suggest that there are factors protecting the profitability of a firm that are similar to the moats (ditches full of water) that used to protect some medieval castles. A deep moat means that there is little or no threat of entry by invaders, i.e. competitors. It also means that customers are locked in because of high switching costs. <span><body><html>







Flashcard 1442135018764

Tags
#cfa-level-1 #corporate-finance #reading-35-capital-budgeting #study-session-10
Question
Analysts' interest in valuation coincides with the capital budgeting focus of [...]
Answer
maximizing shareholder value.


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although analysts have a vantage point outside the company, their interest in valuation coincides with the capital budgeting focus of maximizing shareholder value.

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1. INTRODUCTION
security analysts and portfolio managers are based on capital budgeting methods. Conversely, there have been innovations in security analysis and portfolio management that have also been adapted to capital budgeting. Finally, <span>although analysts have a vantage point outside the company, their interest in valuation coincides with the capital budgeting focus of maximizing shareholder value. Because capital budgeting information is not ordinarily available outside the company, the analyst may attempt to estimate the process, within reason, at least for companies that are not too complex. Further, analysts may be able to appraise the quality of the company’s capital budgeting process—for example, on the basis of whether the company has an accounting focus or an economic focus. This reading is organized as follows: Section 2 presents the steps in a typical capital budgeting process. After introducing the basic principles of capital budgeti







Flashcard 1442536099084

Tags
#cfa #cfa-level-1 #economics #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Question
Objectives can be classified in profitability or on [...]
Answer
controlling risk


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When managers of for-profit companies have been surveyed about the objectives of the companies they direct, researchers have often concluded that a) companies frequently have multiple objectives; b) objectives can often be classified as focused on profitability (e.g., maximizing profits, increasing market share) or on controlling risk (e.g., survival, stable earnings

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2. OBJECTIVES OF THE FIRM
be known with certainty (i.e., the theory of the firm under conditions of certainty). The main contrast of this type of analysis is to the theory of the firm under conditions of uncertainty, where prices, and therefore profit, are uncertain. <span>Under market uncertainty, a range of possible profit outcomes is associated with the firm’s decision to produce a given quantity of goods or services over a specific time period. Such complex theory typically makes simplifying assumptions. When managers of for-profit companies have been surveyed about the objectives of the companies they direct, researchers have often concluded that a) companies frequently have multiple objectives; b) objectives can often be classified as focused on profitability (e.g., maximizing profits, increasing market share) or on controlling risk (e.g., survival, stable earnings growth); and c) managers in different countries may have different emphases. Finance experts frequently reconcile profitability and risk objectives by stating that the objective of the firm is, or should be, shareholder wealth maximization (i.e.,







Flashcard 1442615004428

Tags
#estructura-interna-de-las-palabras #formantes-morfológicos #gramatica-española #la #morfología #tulio
Question
Cual es la estructura interna de la palabra gota?
Answer
Carece de estructura interna.

Es una palabra simple.


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fológico o morfema es una unidad mínima que consta de una forma fonética y de un significado. Comparemos las siguientes palabras: gota, gotas, gotita, gotera, cuentagotas. Gota es la única de estas palabras que consta de un solo formante. <span>Carece, entonces, de estructura interna. Es una palabra simple. Todas las otras palabras tienen estructura interna. [31] Los formantes que pueden aparecer como palabras independientes son formas libres. Los otros, los que necesariamente van adosados a otros morfe- mas, son formas ligadas

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La estructura interna de la palabra
1. Los formantes morfológicos Una palabra tiene estructura interna cuando contiene más de un formante morfológico. Un formante morfológico o morfema es una unidad mínima que consta de una forma fonética y de un significado. Comparemos las siguientes palabras: gota, gotas, gotita, gotera, cuentagotas. Gota es la única de estas palabras que consta de un solo formante. Carece, entonces, de estructura interna. Es una palabra simple. Todas las otras palabras tienen estructura interna. [31] Los formantes que pueden aparecer como palabras independientes son formas libres. Los otros, los que necesariamente van adosados a otros morfe- mas, son formas ligadas. Cuentagotas contiene dos formantes que pueden aparecer cada uno como palabra independiente. Es una palabra compuesta. Gotas, gotita y gotera también contienen dos formantes, pero uno de ellos (-s, -ita, -era) nunca puede ser una palabra independiente. Son formas ligadas que se denominan afijos. Algunos afijos van pospuestos a la base (gota), como los de nuestros ejemplos: son los s u f i j o s . Otros afijos la preceden: in-útil, des-contento, a-político: Son los prefijos. Las palabras que contienen un afijo se denominan palabras complejas. Del inventario de formantes reconocidos, reconoceremos dos clases: a. Algunos son formantes léxicos: tienen un significado léxico, que se define en el diccionario: gota, cuenta. Se agrupan en clases abiertas. Pertenecen a una clase particular de palabras: sustantivos (gota), adjetivos (útil), adverbios (ayer), verbos (cuenta). Pueden ser: - palabras simples (gota, útil, ayer); - base a la que se adosan los afijos en palabras complejas (got-, politic-); - parte de una palabra, compuesta (cuenta, gotas). b. Otros son formantes gramaticales: tienen significado gramatical, no léxico. Se agrupan en clases cerradas. Pueden ser: - palabras independientes: preposiciones (a, de, por), conjunciones (que, si); - afijos en palabras derivadas (-s, -ero, in-, des-); - menos frecuentemente, formantes de compuestos (aun-que, por-que, si-no). Entre las palabras no simples consideradas hasta aquí, cada una contenía sólo dos formantes. En otras un mismo tipo de formantes se repite: - sufijos: region-al-izar, util-iza-ble; - prefijos: des-com-poner. ex-pro-soviético, o también formantes de diferentes tipos pueden combinarse entre sí: - prefijo y sufijo: des-leal-tad, em-pobr-ecer; - palabra compuesta y sufijo: rionegr-ino, narcotrafic-ante. En la combinación de prefijación y sufijación, se distinguen dos casos, ilustrados en nuestros ejemplos. En deslealtad, la aplicación de cada uno de los afijos da como resultado una palabra bien formada: si aplicamos sólo el prefijo se obtiene el adjetivo desleal; si aplicamos sólo el sufijo el resultado será el sustantivo lealtad. En cambio, en empobrecer, si se aplica sólo un afijo [32] el resultado no será una palabra existente: *empobre, *pobrecer. Prefijo y sufijo se aplican simultáneamente, constituyendo un único formante morfológico – discontinuo– que se añade a ambos lados de la base léxica. Este segundo caso se denomina parasíntesis. Para establecer la estructura interna de las palabras, la morfología se ocupa de: a. identificar los formantes morfológicos; b. determinar las posibles variaciones que éstos presenten; c. describir los procesos involucrados; d. reconocer la organización de las palabras. 2. Identificación de los formantes morfológicos Comparemos ahora las siguientes palabras: sol, sol-ar; sol-azo, quita- sol, gira-sol, solter-o, solaz. En las







Flashcard 1443061697804

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
An investor in [...] is concerned about the company’s ability to pay dividends and the likelihood that its share price will increase.
Answer
equity securities


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An investor in equity securities is an owner with a residual interest in the company and is concerned about the company’s ability to pay dividends and the likelihood that its share price will increase.</b

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1. INTRODUCTION
viding capital to companies—specifically, whether to invest in the company’s debt or equity securities and at what price. An investor in debt securities is concerned about the company’s ability to pay interest and to repay the principal lent. <span>An investor in equity securities is an owner with a residual interest in the company and is concerned about the company’s ability to pay dividends and the likelihood that its share price will increase. Overall, a central focus of financial analysis is evaluating the company’s ability to earn a return on its capital that is at least equal to the cost of that capital, to profitably grow







Flashcard 1443108097292

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Cash flow is important because, ultimately, the company needs cash to [...] in order to continue as a going concern.

Answer
pay employees, suppliers, and others


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wes for the goods it had purchased on credit in the prior month. Although profitability is important, so is a company’s ability to generate positive cash flow. Cash flow is important because, ultimately, the company needs cash to <span>pay employees, suppliers, and others in order to continue as a going concern. A company that generates positive cash flow from operations has more flexibility in funding needed for investments and taking advantage of attra

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
d to earn that income. Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profit and cash flow. <span>EXAMPLE 1 Profit versus Cash Flow Sennett Designs (SD) sells furniture on a retail basis. SD began operations during December 2009 and sold furniture for €250,000 in cash. The furniture sold by SD was purchased on credit for €150,000 and delivered by the supplier during December. The credit terms granted by the supplier required SD to pay the €150,000 in January for the furniture it received during December. In addition to the purchase and sale of furniture, in December, SD paid €20,000 in cash for rent and salaries. How much is SD’s profit for December 2009 if no other transactions occurred? How much is SD’s cash flow for December 2009? If SD purchases and sells exactly the same amount in January 2010 as it did in December and under the same terms (receiving cash for the sales and making purchases on credit that will be due in February), how much will the company’s profit and cash flow be for the month of January? Solution to 1: SD’s profit for December 2009 is the excess of the sales price (€250,000) over the cost of the goods that were sold (€150,000) and rent and salaries (€20,000), or €80,000. Solution to 2: The December 2009 cash flow is €230,000, the amount of cash received from the customer (€250,000) less the cash paid for rent and salaries (€20,000). Solution to 3: SD’s profit for January 2010 will be identical to its profit in December: €80,000, calculated as the sales price (€250,000) minus the cost of the goods that were sold (€150,000) and minus rent and salaries (€20,000). SD’s cash flow in January 2010 will also equal €80,000, calculated as the amount of cash received from the customer (€250,000) minus the cash paid for rent and salaries (€20,000) and minus the €150,000 that SD owes for the goods it had purchased on credit in the prior month. Although profitability is important, so is a company’s ability to generate positive cash flow. Cash flow is important because, ultimately, the company needs cash to pay employees, suppliers, and others in order to continue as a going concern. A company that generates positive cash flow from operations has more flexibility in funding needed for investments and taking advantage of attractive business opportunities than an otherwise comparable company without positive operating cash flow. Additionally, a company needs cash to pay returns (interest and dividends) to providers of debt and equity capital. Therefore, the expected magnitude of future cash flows is important in valuing corporate securities and in determining the company’s ability to meet its obligations. The ability to meet short-term obligations is generally referred to as liquidity , and the ability to meet long-term obligations is generally referred to as solvency . Cash flow in any given period is not, however, a complete measure of performance for that period because, as shown in Example 1, a company may be obligated to make future cash payments as a result of a transaction that generates positive cash flow in the current period. Profits may provide useful information about cash flows, past and future. If the transaction of Example 1 were repeated month after month, the long-term average monthly cas







Flashcard 1444545432844

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The role of financial statement analysis is to use financial reports prepared by companies, combined with other information, to evaluate the [...], [...] , and [...] and financial position of a company for the purpose of making investment, credit, and other economic decisions.
Answer
past

current

potential performance


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The role of financial statement analysis is to use financial reports prepared by companies, combined with other information, to evaluate the past, current, and potential performance and financial position of a company for the purpose of making investment, credit, and other economic decisions.

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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS
The role of financial reporting by companies is to provide information about a company’s performance, financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.1 The role of financial statement analysis is to use financial reports prepared by companies, combined with other information, to evaluate the past, current, and potential performance and financial position of a company for the purpose of making investment, credit, and other economic decisions. (Managers within a company perform financial analysis to make operating, investing, and financing decisions but do not necessarily rely on analysis of related financial statements. They have access to additional financial information that can be reported in whatever format is most useful to their decision.) In evaluating financial reports, analysts typically have a specific economic decision in mind. Examples of these decisions include the following: Evalu







Flashcard 1446743248140

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

The quantity sold can be affected by the business through such activities as sales promotion, advertising, and competitive positioning of the product that would take place under the market model of [...].

Answer
imperfect competition


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willing and able to buy at each price level. The quantity sold can be affected by the business through such activities as sales promotion, advertising, and competitive positioning of the product that would take place under the market model of <span>imperfect competition. Under perfect competition, however, total quantity in the market is influenced strictly by price, while non-price factors are not important. Once consumer preferences are established i

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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
(AR) Marginal Revenue (MR) 0 100 0 — — 1 100 100 100 100 2 100 200 100 100 3 100 300 100 100 4 100 400 100 100 5 100 500 100 100 6 100 600 100 100 7 100 700 100 100 8 100 800 100 100 9 100 900 100 100 10 100 1,000 100 100 <span>The quantity or quantity demanded variable is the amount of the product that consumers are willing and able to buy at each price level. The quantity sold can be affected by the business through such activities as sales promotion, advertising, and competitive positioning of the product that would take place under the market model of imperfect competition. Under perfect competition, however, total quantity in the market is influenced strictly by price, while non-price factors are not important. Once consumer preferences are established in the market, price determines the quantity demanded by buyers. Together, price and quantity constitute the firm’s demand curve, which becomes the basis for calculating the total, average, and marginal revenue. In Exhibit 4, price is the market price as established by the interactions of the market demand and supply factors. Since the firm is a price taker, price is fixed at 100







Flashcard 1446843387148

Tags
#estructura-interna-de-las-palabras #formantes-morfológicos #gramatica-española #la #morfología #tulio
Question
Las palabras que contienen un afijo se denominan [...]
Answer
palabras complejas.


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pan>Algunos afijos van pospuestos a la base (gota), como los de nuestros ejemplos: son los s u f i j o s . Otros afijos la preceden: in-útil, des-contento, a-político: Son los prefijos. Las palabras que contienen un afijo se denominan palabras complejas.<span><body><html>

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La estructura interna de la palabra
1. Los formantes morfológicos Una palabra tiene estructura interna cuando contiene más de un formante morfológico. Un formante morfológico o morfema es una unidad mínima que consta de una forma fonética y de un significado. Comparemos las siguientes palabras: gota, gotas, gotita, gotera, cuentagotas. Gota es la única de estas palabras que consta de un solo formante. Carece, entonces, de estructura interna. Es una palabra simple. Todas las otras palabras tienen estructura interna. [31] Los formantes que pueden aparecer como palabras independientes son formas libres. Los otros, los que necesariamente van adosados a otros morfe- mas, son formas ligadas. Cuentagotas contiene dos formantes que pueden aparecer cada uno como palabra independiente. Es una palabra compuesta. Gotas, gotita y gotera también contienen dos formantes, pero uno de ellos (-s, -ita, -era) nunca puede ser una palabra independiente. Son formas ligadas que se denominan afijos. Algunos afijos van pospuestos a la base (gota), como los de nuestros ejemplos: son los s u f i j o s . Otros afijos la preceden: in-útil, des-contento, a-político: Son los prefijos. Las palabras que contienen un afijo se denominan palabras complejas. Del inventario de formantes reconocidos, reconoceremos dos clases: a. Algunos son formantes léxicos: tienen un significado léxico, que se define en el diccionario: gota, cuenta. Se agrupan en clases abiertas. Pertenecen a una clase particular de palabras: sustantivos (gota), adjetivos (útil), adverbios (ayer), verbos (cuenta). Pueden ser: - palabras simples (gota, útil, ayer); - base a la que se adosan los afijos en palabras complejas (got-, politic-); - parte de una palabra, compuesta (cuenta, gotas). b. Otros son formantes gramaticales: tienen significado gramatical, no léxico. Se agrupan en clases cerradas. Pueden ser: - palabras independientes: preposiciones (a, de, por), conjunciones (que, si); - afijos en palabras derivadas (-s, -ero, in-, des-); - menos frecuentemente, formantes de compuestos (aun-que, por-que, si-no). Entre las palabras no simples consideradas hasta aquí, cada una contenía sólo dos formantes. En otras un mismo tipo de formantes se repite: - sufijos: region-al-izar, util-iza-ble; - prefijos: des-com-poner. ex-pro-soviético, o también formantes de diferentes tipos pueden combinarse entre sí: - prefijo y sufijo: des-leal-tad, em-pobr-ecer; - palabra compuesta y sufijo: rionegr-ino, narcotrafic-ante. En la combinación de prefijación y sufijación, se distinguen dos casos, ilustrados en nuestros ejemplos. En deslealtad, la aplicación de cada uno de los afijos da como resultado una palabra bien formada: si aplicamos sólo el prefijo se obtiene el adjetivo desleal; si aplicamos sólo el sufijo el resultado será el sustantivo lealtad. En cambio, en empobrecer, si se aplica sólo un afijo [32] el resultado no será una palabra existente: *empobre, *pobrecer. Prefijo y sufijo se aplican simultáneamente, constituyendo un único formante morfológico – discontinuo– que se añade a ambos lados de la base léxica. Este segundo caso se denomina parasíntesis. Para establecer la estructura interna de las palabras, la morfología se ocupa de: a. identificar los formantes morfológicos; b. determinar las posibles variaciones que éstos presenten; c. describir los procesos involucrados; d. reconocer la organización de las palabras. 2. Identificación de los formantes morfológicos Comparemos ahora las siguientes palabras: sol, sol-ar; sol-azo, quita- sol, gira-sol, solter-o, solaz. En las







Flashcard 1446897913100



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#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have [...] in TP as labor is added, but the change turns [...] in Region 3.
Answer
positive changes

Negative changes


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The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3.

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This image illustrates the shape of a typical input–output relationship using labor (L) as the only variable input (all other input factors are held constant). The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3. Moreover, in Region 1 (L 0 – L 1 ), TP is increasing at an increasing rate, ty







Flashcard 1447231098124

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#sister-miriam-joseph #trivium
Question
Language that symbolizes an individual or aggregate

[...]

[...]
Answer
proper name

particular or empirical description


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Language that symbolizes an individual or aggregate proper name particular or empirical description

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Flashcard 1447238438156

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#sister-miriam-joseph #trivium
Question
A common name or a general description must represent an [...] or [...] which is intrinsically possible although it need not actually exist.
Answer
essence

class nature

Otherwise, it is devoid of meaning as are a square circle or a triangular square.


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A common name or a general description must represent an essence or class nature which is intrinsically possible although it need not actually exist. Otherwise, it is devoid of meaning as are a square circle or a triangular square.</bod

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Flashcard 1447288769804

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Question
The things in a room constitute an [...] belonging to [...] ,
Answer
aggregate of individuals

different species

such as chair, desk, table, book, heat vent, window, etc., but they are only a small part of each species.


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The things in a room constitute an aggregate of individuals belonging to different species, such as chair, desk, table, book, heat vent, window, etc., but they are only a small part of each species.

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Flashcard 1447506087180

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#7-important-definitions #language-and-reality #sister-miriam-joseph #trivium
Question
Even if individuals were as alike as the matches in a box of matches, they would be individually different because [...] but is a different quantity or part even though of the same kind and amount.
Answer
the matter in one is not the matter in the other


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Even if individuals were as alike as the matches in a box of matches, they would be individually different because the matter in one is not the matter in the other but is a different quantity or part even though of t he same kind and amount.

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Flashcard 1448189758732

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#sister-miriam-joseph #trivium
Question
An allusion depends for much of its effect on the [...] dimension of language.
Answer
psychological


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An allusion depends for much of its effect on the psychological dimension of language, for it enriches the passage in which it occurs with emotional overtones and associated ideas derived from the context in which it originally appeared.</spa

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Flashcard 1448327122188



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#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

Total revenue increases with a greater quantity, but [...] as quantity increases.

Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR.

Average revenue is equal to price at each quantity level.

This shows the relationships among the revenue variables.

Answer
the rate of increase in TR (as measured by marginal revenue) declines


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Total revenue increases with a greater quantity, but the rate of increase in TR (as measured by marginal revenue) declines as quantity increases. Average revenue and marginal revenue decrease when output increases, with MR falling faster than price and AR. Average revenue is equal to p







Flashcard 1448430931212

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#sister-miriam-joseph #symbols-from-reality #trivium
Question

First the [...] operate on an object present before us and produce a percept.

Then the [...] , primarily the imagination, produce a phantasm or mental image of the individual object perceived,
Answer
external senses

internal senses

This phantasm is retained and can be reproduced at will in the absence of the object.


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First the external senses operate on an object present before us and produce a percept. The internal senses, primarily the imagination, produce a phantasm or mental image of the individual object

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Flashcard 1448524516620

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#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
An analyst may value shares of a company by comparing its price-to-earnings ratio (P/E) to the P/Es of [...] .
Answer
peer companies


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Earnings are also frequently used by analysts in valuation. For example, an analyst may value shares of a company by comparing its price-to-earnings ratio (P/E) to the P/Es of peer companies and/or may use forecasted future earnings as direct or indirect inputs into discounted cash flow models of valuation.







Flashcard 1448530283788

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#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The [...] can be measured by comparing the resources controlled by the company in relation to the claims against those resources.
Answer
financial position


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The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ).

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Analysts are also interested in the current financial position of a company. The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ). An example of a resource is cash. In Example 1, if no other transactions occur, the company should have €230,000 more in cash at 31 December 2009 than at the start of the period. The ca







Flashcard 1448537361676

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#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both [...] and [...] to the company.
Answer
internal

externa


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The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company.

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
The role of financial reporting is to provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. The role of financial statement analysis, on the other hand, is to take these







Flashcard 1448544963852

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#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The role of [...], on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpose of making rational investment, credit, and similar decisions.

Answer
financial statement analysis


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The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpo

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Subject 1. The Roles of Financial Reporting and Financial Statement Analysis
provide information about a company's financial position and performance for use by parties both internal and external to the company. Financial statements are issued by management, who is responsible for their form and content. <span>The role of financial statement analysis, on the other hand, is to take these financial statements and other information to evaluate the company's past, current, and prospective financial position and performance for the purpose of making rational investment, credit, and similar decisions. The primary users of financial statements are equity investors and creditors. Equity investors are primarily interested in the company's l







Flashcard 1448738688268



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#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Both ATC and AVC take on a bowl-shaped pattern in which each curve initially declines, reaches [...] and then increases.

When output increases, average fixed cost [...]
Answer
a minimum-cost output level,

declines as AFC approaches the horizontal quantity axis.


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This shows the cost curve relationships among ATC, AVC, and AFC in the short run. The difference between ATC and AVC at any output quantity is exactly equal to the amount of AFC. Both ATC and AVC take on a bowl-shaped pattern in which each curv







Flashcard 1448746028300



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#cfa-level-1 #economics #has-images #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
The marginal cost curve intersects both the ATC and AVC at [...] .

Answer
their respective minimum points.

This occurs at points S and T, which correspond to QAVC and QATC, respectively.


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d MC in the short run. The marginal cost curve intersects both the ATC and AVC at their respective minimum points. This occurs at points S and T, which correspond to Q AVC and Q ATC , respectively. Mathematically, when <span>marginal cost is less than average variable cost, AVC will be decreasing . The opposite occurs when MC is greater than AVC. The same relationship holds true for MC and ATC . ATC declines when MC is less than ATC. ATC increases as MC exceeds ATC







Flashcard 1450239462668

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#cfa-level-1 #microeconomics #reading-15-demand-and-supply-analysis-the-firm
Question

Total fixed cost (TFC) is the summation of all expenses that [...].

Answer
do not change when production varies


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Total fixed cost (TFC) is the summation of all expenses that do not change when production varies. It can be a sunk or unavoidable cost that a firm has to cover whether it produces anything or not, or it can be a cost that stays the same over a range of production but can change to

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Costs
rate of change in total variable cost. In Exhibit 13, TC at 5 units is 400—of which 300 is variable cost and 100 is fixed cost. At 10 units, total costs are 1,650, which is the sum of 1,550 in variable cost and 100 in fixed cost. <span>Total fixed cost (TFC) is the summation of all expenses that do not change when production varies. It can be a sunk or unavoidable cost that a firm has to cover whether it produces anything or not, or it can be a cost that stays the same over a range of production but can change to another constant level when production moves outside of that range. The latter is referred to as a quasi-fixed cost , although it remains categorized as part of TFC. Examples of fixed costs are debt service, real estate lease agreements, and rental contracts. Quasi-fixed cost examples would be certain utilities and administrative salaries that could be avoided or be lower when output is zero but would assume higher constant values over different production ranges. Normal profit is considered to be a fixed cost because it is a return required by investors on their equity capital regardless of output level. At zero output, total costs are always equal to the amount of total fixed cost that is incurred at this production point. In Exhibit 13, total fixed cost remains at 100 throughout the entire production range. Other fixed costs evolve primarily from investments in such fixed assets as real estate, production facilities, and equipment. As a firm grows in size, fixed asset expansion occurs along with a related increase in fixed cost. However, fixed cost cannot be arbitrarily cut when production declines. Regardless of the volume of output, an investment in a given level of fixed assets locks the firm into a certain amount of fixed cost that is used to finance the physical capital base, technology, and other capital assets. When a firm downsizes, the last expense to be cut is usually fixed cost. Total variable cost (TVC), which is the summation of all variable expenses, has a direct relationship with quantity. When quantity increases, total variable cost increases







Flashcard 1450949610764

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#reestructuracion-financiera
Question
Objetivos de una reestructuración financiera

•Disminuir [...]
Answer
los costos financieros.


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Objetivos de una reestructuración financiera •Disminuir los costos financieros. •Reducir el nivel de endeudamiento. •Elevar la productividad. •Mejorar la mezcla entre recursos internos y externos. •Mejorar la posición de

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Flashcard 1530995543308

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#computation #social-choice
Question
An example of a function (search) problem (L P, S P, R P) in terms of graph theory is: find a nondominated vertex in a directed graph, if any. Solving the function problem on instance I ∈ L P [...] and “no solution” otherwise.
Answer
consists in outputting some S ∈ S P such that (I,S) ∈ R P , if any,


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arch) problem (L P, S P, R P ) in terms of graph theory is: find a nondominated vertex in a directed graph, if any and find all vertices with maximum outdegree are both search problems. Solving the function problem on instance I ∈ L P <span>consists in outputting some S ∈ S P such that (I,S) ∈ R P , if any, and “no solution” otherwise.<span><body><html>

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#bayesianism #cognitive-science #computation #computational-psychology #continue-here
2. The Basics of Bayesian Inference

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Jon Snow is the bastard son of Eddard Stark, Lord of Winterfell

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Jon Snow - A Wiki of Ice and Fire
AC [1] Book(s) A Game of Thrones (POV)A Clash of Kings (POV)A Storm of Swords (POV)A Feast for Crows (appears)A Dance with Dragons (POV) Played by Kit Harington TV series Season 1 | Season 2 | Season 3 | Season 4 | Season 5 | Season 6 <span>Jon Snow is the bastard son of Eddard Stark, Lord of Winterfell. [2] He has five half-siblings: Robb, Sansa, Arya, Bran, and Rickon Stark. Unaware of the identity of his mother, [3] Jon was raised at Winterfell. At the age of fourteen, he joins th




#bayesianism #cognitive-science #computation #computational-psychology
Proba- bilistic models highlight the role of prior knowledge in accounting for how people learn as much as they do from limited ob- served data and provide a framework for ex- plaining precisely how prior knowledge in- teracts with data in guiding generalization and action. They also provide a tool for ex- ploring the kinds of knowledge that people bring to learning and reasoning tasks, allow- ing us to work forwards from rational analy- ses of tasks and environments to predictions about behavior and to work backwards from subjects’ observed behavior to viable as- sumptions about the knowledge they could bring to the task. Crucially, these models do not require that the prior knowledge be innate. Bayesian inference in hierarchi- cal probabilistic models can explain how ab- stract prior knowledge may itself be learned from data and then put to use to guide learn- ing in subsequent tasks and new environ- ments.

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Flashcard 1532086586636

Question
Single Transferable Vote (STV)
Answer
STV (used, e.g., in Australia) works in stages:
• If some alternative is top for an absolute majority, then it wins.
• Otherwise, the alternative ranked at the top by the fewest voters (the plurality loser) gets eliminated from the race.
• Votes for eliminated alternatives get transferred: delete removed alternatives from ballots and “shift” rankings (i.e., if your 1st choice got eliminated, then your 2nd choice becomes 1st)


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Flashcard 1532107033868

Question
The No-Show Paradox
Answer
Under plurality with runoff (and thus under STV), it may be better to abstain than to vote for your favourite alternative!


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Fishburn’s Classification
One can classify voting rules on the basis of the information they require. The best known such classification is due to Fishburn (1977):
• C1: Winners can be computed from the majority graph alone. Examples: Copeland, Slater
• C2: Winners can be computed from the weighted majority graph (but not from the majority graph alone). Examples: Kemeny, Ranked-Pairs, Borda (think about it!)
• C3: All other voting rules. Examples: Young, Dodgson, STV

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Flashcard 1532117257484

Question
Fishburn’s Classification
One can classify voting rules on the basis of the information they require. The best known such classification is due to Fishburn (1977):
Answer
• C1: Winners can be computed from the majority graph alone. Examples: Copeland, Slater
• C2: Winners can be computed from the weighted majority graph (but not from the majority graph alone). Examples: Kemeny, Ranked-Pairs, Borda (think about it!)
• C3: All other voting rules. Examples: Young, Dodgson, STV


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Fishburn’s Classification One can classify voting rules on the basis of the information they require. The best known such classification is due to Fishburn (1977): • C1: Winners can be computed from the majority graph alone. Examples: Copeland, Slater • C2: Winners can be computed from the weighted majority graph (but not from the majority graph alone). Examples: Kemeny, Ranked-Pairs, Borda (think about it!) • C3: All other voting rules. Examples: Young, Dodgson, STV

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Flashcard 1532118830348

Question
Give an example of Fishburn's category of voting rules C1:
Answer
Examples: Copeland, Slater


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Fishburn’s Classification One can classify voting rules on the basis of the information they require. The best known such classification is due to Fishburn (1977): • C1: Winners can be computed from the majority graph alone. Examples: Copeland, Slater • C2: Winners can be computed from the weighted majority graph (but not from the majority graph al

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Flashcard 1532121189644

Question
Give an example of Fishburn's category of voting rules C2.
Answer
Examples: Kemeny, Ranked-Pairs, Borda (think about it!)


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lassification is due to Fishburn (1977): • C1: Winners can be computed from the majority graph alone. Examples: Copeland, Slater • C2: Winners can be computed from the weighted majority graph (but not from the majority graph alone). <span>Examples: Kemeny, Ranked-Pairs, Borda (think about it!) • C3: All other voting rules. Examples: Young, Dodgson, STV<span><body><html>

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Flashcard 1532124597516

Question
Give an example of Fishburn's category of voting rules C3.
Answer
Examples: Young, Dodgson, STV


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ty graph alone. Examples: Copeland, Slater • C2: Winners can be computed from the weighted majority graph (but not from the majority graph alone). Examples: Kemeny, Ranked-Pairs, Borda (think about it!) • C3: All other voting rules. <span>Examples: Young, Dodgson, STV<span><body><html>

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F is anonymous if F (R 1 , . . . , R n ) = F (R π(1) , . . . , R π(n) ) for any profile (R 1 , . . . , R n ) and any permutation π : N → N.

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Flashcard 1532131151116

Question
F is anonymous if [...] for any profile (R 1 , . . . , R n ) and any permutation π : N → N.
Answer
F (R 1 , . . . , R n ) = F (R π(1) , . . . , R π(n) )


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F is anonymous if F (R 1 , . . . , R n ) = F (R π(1 ) , . . . , R π(n) ) for any profile (R 1 , . . . , R n ) and any permutation π : N → N.

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F is neutral if F (π(R)) = π(F (R)) for any profile R and any permutation π : X → X (with π extended to profiles and sets of alternatives in the natural manner).

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Flashcard 1532134558988

Question
F is neutral if [...] for any profile R and any permutation π : X → X (with π extended to profiles and sets of alternatives in the natural manner).
Answer
F (π(R)) = π(F (R))


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F is neutral if F (π(R)) = π(F (R)) for any profile R and any permutation π : X → X (with π extended to profiles and sets of alternatives in the natural manner).

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F is positively responsive if \(x^*\in F(R)\) implies \(\{x^*\}=F(R')\) for any alternative \(x^*\) and any two distinct profiles R and R' with \(N^R_{x^*\succ y}\subseteq N^{R'}_{x^*\succ y}\) and \(N^R_{y\succ z}= N^{R'}_{y\succ z}\) for all \(y,z\in X\setminus \{x^*\}\)

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Flashcard 1532143996172

Question
F is positively responsive if [...] for any alternative \(x^*\) and any two distinct profiles R and R' with \(N^R_{x^*\succ y}\subseteq N^{R'}_{x^*\succ y}\) and \(N^R_{y\succ z}= N^{R'}_{y\succ z}\) for all \(y,z\in X\setminus \{x^*\}\)
Answer
\(x^*\in F(R)\) implies \(\{x^*\}=F(R')\)


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F is positively responsive if \(x^*\in F(R)\) implies \(\{x^*\}=F(R')\) for any alternative \(x^*\) and any two distinct profiles R and R' with \(N^R_{x^*\succ y}\subseteq N^{R'}_{x^*\succ y}\) and \(N^R_{y\succ z}= N^{R'}_{y\succ z}\) for all \(y,z\in X\se

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Flashcard 1532145831180

Question
May's Theorem
Answer
A voting rule for two alternatives satisfies anonymity, neutrality, and positive responsiveness if and only if that rule is the simple majority rule.


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Flashcard 1532150811916

Tags
#chracterization #computation #social-choice #voting-rules
Question
F satisfies reinforcement if, whenever
Answer
we split the electorate into two groups and some alternative were to win for both groups, then it will also win for the full electorate.


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Flashcard 1532153171212

Tags
#chracterization #computation #social-choice #voting-rules
Question
What is the axiom of continuity?
Answer
For two subelectorates X,Y if x wins in X and y wins in Y and x is the general winner in \(X\cup Y\), it must be possible to add copies of Y to the electorate until y becomes the general winner.


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#chracterization #computation #social-choice #voting-rules
Young showed that F is a (generalised) positional scoring rule iff it satisfies anonymity , neutrality, reinforcement, and a technical condition known as continuity.

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Flashcard 1532157889804

Tags
#chracterization #computation #social-choice #voting-rules
Question
Young's Theorem states that F is a [...] iff it satisfies anonymity , neutrality, reinforcement, and a technical condition known as continuity.
Answer
(generalised) positional scoring rule


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Young showed that F is a (generalised) positional scoring rule iff it satisfies anonymity , neutrality, reinforcement, and a technical condition known as continuity.

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#chracterization #computation #social-choice #voting-rules
Condorcet Jury Theorem: Suppose a jury of n voters need to select the better of two alternatives and each voter independently makes the correct decision with the same probability p > 1/2 . Then the probability that the simple majority rule returns the correct decision increases monotonically in n and approaches 1 as n goes to infinity.

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Flashcard 1532163394828

Tags
#chracterization #computation #social-choice #voting-rules
Question
Condorcet Jury Theorem: Suppose a jury of n voters need to select the better of two alternatives and each voter independently makes the correct decision with the same probability p > 1/2 . [...]
Answer
Then the probability that the simple majority rule returns the correct decision increases monotonically in n and approaches 1 as n goes to infinity.


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Condorcet Jury Theorem: Suppose a jury of n voters need to select the better of two alternatives and each voter independently makes the correct decision with the same probability p > 1/2 . Then the probability that the simple majority rule returns the correct decision increases monotonically in n and approaches 1 as n goes to infinity.

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#chracterization #computation #social-choice #voting-rules
Borda Rule as Maximum Likelihood Estimator: If each voter independently ranks the true winner out of m alternatives at position k with probability \(\frac{2 m−k} {2 m −1}\) , then the maximum likelihood estimator is the Borda rule.

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Flashcard 1532171259148

Tags
#chracterization #computation #social-choice #voting-rules
Question
Borda Rule as Maximum Likelihood Estimator: If each voter independently ranks the true winner out of m alternatives at position k with probability [...] , then the maximum likelihood estimator is the Borda rule.
Answer
\(\frac{2^{m−k}} {2^{m −1}}\)


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Borda Rule as Maximum Likelihood Estimator: If each voter independently ranks the true winner out of m alternatives at position k with probability \(\frac{2 m−k} {2 m −1}\) , then the maximum likelihood estimator is the Borda rule.

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Flashcard 1532172832012

Tags
#chracterization #computation #social-choice #voting-rules
Question
consensus profiles
Answer
profiles in which there is a clear (set of) winner(s).


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#chracterization #computation #social-choice #voting-rules
Order correctly by restrictiveness:

1 Majority Winner : there exists an alternative x that is ranked first by an absolute majority of the voters (; x wins)
2 Unanimous Winner : there exists an alternative x that is ranked first by all voters (; x wins)
3 Condorcet Winner: there exists a Condorcet winner x (; x wins)
4 Unanimous Ranking : all voters report exactly the same ranking (; the top alternative in that unanimous ranking wins)

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Flashcard 1532178337036

Tags
#chracterization #computation #social-choice #voting-rules
Question
Order correctly by restrictiveness:

1 Majority Winner : there exists an alternative x that is ranked first by an absolute majority of the voters (; x wins)
2 Unanimous Winner : there exists an alternative x that is ranked first by all voters (; x wins)
3 Condorcet Winner: there exists a Condorcet winner x (; x wins)
4 Unanimous Ranking : all voters report exactly the same ranking (; the top alternative in that unanimous ranking wins)
Answer
\(3\supseteq 1 \supseteq 2 \supseteq 4\)


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Order correctly by restrictiveness: 1 Majority Winner : there exists an alternative x that is ranked first by an absolute majority of the voters (; x wins) 2 Unanimous Winner : there exists an alternative x that is ranked first by all voters (; x wins) 3 Condorcet Winner: there exists a Condorcet winner x (; x wins) 4 Unanimous Ranking : all voters report exactly the same ranking (; the top alternative in that unanimous ranking wins)

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Flashcard 1532180696332

Tags
#chracterization #computation #social-choice #voting-rules
Question
Which notion of distance is defined by the following formula: \(\frac {1}{2} \sum_{i\in N} \#\{(x,y)\in X^2:1_{i\in N^R_{x\succ y}} \neq 1_{i\in N^{R'}_{x\succ y}}\}\)
Answer
Swap distance: minimal number of pairs of adjacent alternatives that need to get swapped to get from R to R' .


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Flashcard 1532183317772

Tags
#chracterization #computation #social-choice #voting-rules
Question
How is discrete distance defined?
Answer
Number of voters for which the two profiles diverge: \(\#\{i\in N: R_i\neq R'_i \}\)


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Flashcard 1532188036364

Tags
#chracterization #computation #social-choice #voting-rules
Question
Condorcet Winner + Swap Distance characterizes...
Answer
Dodgson Rule


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Flashcard 1532190395660

Tags
#chracterization #computation #social-choice #voting-rules
Question
Kemeny Rule is chracterized by ...
Answer
Unanimous Ranking + Swap Distance


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Flashcard 1532192754956

Tags
#chracterization #computation #social-choice #voting-rules
Question
Borda is characterised by
Answer
the unanimous winner consensus criterion and the swap distance.


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Flashcard 1532195114252

Tags
#chracterization #computation #social-choice #voting-rules
Question
Plurality is characterised by
Answer
the unanimous winner consensus criterion and the discrete distance


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Flashcard 1532197473548

Tags
#computation #social-choice #voting-rules
Question
What axiom is expressed by the following intuition? If x and y are identical states, except that in x I paint my bedroom white, while in y I paint it pink, then I should be able to dictate the relative social ranking of x and y.
Answer
Liberalism


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Flashcard 1532202978572

Tags
#computation #social-choice #voting-rules
Question
F is called liberal if, for every individual i ∈ N , there exist two distinct alternatives x, y ∈ X such that i is two-way decisive on x and y :
Answer
\(i\in N^R_{x\succ y}\) implies \(y\notin F(R)\) and \(i\in N^R_{y\succ x}\) implies \(x\notin F(R)\)


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Flashcard 1532205337868

Tags
#computation #social-choice #voting-rules
Question
Liberal Paradox:
Answer
For |N| \(\geq\) 2, there exists no social choice function that is both Paretian and liberal.


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#computation #social-choice #voting-rules
F is called weakly monotonic if \(x^*= F(R)\) implies \(x^*= F(R')\) for any alternative x* and any two profiles R and R' with \(N^R_{x^*\succ y}\subseteq N^{R'}_{x^*\succ y}\) and \(N^R_{y\succ z}= N^{R'}_{y\succ z}\) for all \(y,z\in X\setminus\{x^*\}\)

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Flashcard 1532210842892

Tags
#computation #social-choice #voting-rules
Question
F is called weakly monotonic if \(x^*= F(R)\) implies \(x^*= F(R')\) for any alternative x* and any two profiles R and R' with [...]
Answer
\(N^R_{x^*\succ y}\subseteq N^{R'}_{x^*\succ y}\) and \(N^R_{y\succ z}= N^{R'}_{y\succ z}\) for all \(y,z\in X\setminus\{x^*\}\)


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F is called weakly monotonic if \(x^*= F(R)\) implies \(x^*= F(R')\) for any alternative x* and any two profiles R and R' with \(N^R_{x\succ y}\subseteq N^{R'}_{x\succ y}\) and \(N^R_{y\succ z}= N^{R'}_{y\succ z}\) for all \(y,z\in X\setminus\{x^*\}\)

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Flashcard 1532213988620

Tags
#computation #social-choice #voting-rules
Question
F is called strongly monotonic if
Answer
\(x^*= F(R)\) implies \(x^*= F(R')\) for any alternative x* and any two profiles R and R' with \(N^R_{x^*\succ y}\subseteq N^{R'}_{x^*\succ y}\) for all \(y \in X\setminus\{x^*\}\)


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F is called weakly monotonic if \(x^*= F(R)\) implies \(x^*= F(R')\) for any alternative x* and any two profiles R and R' with \(N^R_{x^*\succ y}\subseteq N^{R'}_{x^*\succ y}\) and \(N^R_{y\succ z}= N^{R'}_{y\succ z}\) for all \(y,z\in X\setminus\{x^*\}\)

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Flashcard 1532216347916

Tags
#computation #social-choice #voting-rules
Question
Intuition for weak monotonicity =
Answer
raising the winner preserves the winner


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Flashcard 1532218707212

Tags
#computation #social-choice #voting-rules
Question
What axiom characterisizes the following intuition: lowering a loser preserves the winner
Answer
strong monotonicity


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Flashcard 1532221066508

Tags
#computation #social-choice #voting-rules
Question
a resolute SCF F is called surjective (or nonimposed ) if
Answer
for every alternative x ∈ X there exists a profile R such that F (R) = x.


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Flashcard 1532224998668

Tags
#computation #social-choice #voting-rules
Question
Muller Satterthwaite Theorem: Any resolute SCF for \(\geq\) 3 alternatives that is surjective and strongly monotonic...
Answer
is a dictatorship


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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #section #serious-possibility-paradox-project
1 Introduction

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #section #serious-possibility-paradox-project
2 Preliminaries: KB-Models and Belief-Knowledge Logic

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #section #serious-possibility-paradox-project
4 Conditional Doxastic Models

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #section #serious-possibility-paradox-project
5 Dynamic Belief Revision: Public Announcements

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #section #serious-possibility-paradox-project
6 Private Announcements to subgroups

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #section #serious-possibility-paradox-project
7 Conclusion

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #section #serious-possibility-paradox-project
3 A semantic, multi-agent, epistemic AGM theory

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#abstract #conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project
Abstract In this paper, we present a semantical approach to multi-agent belief revision and belief update. For this, we introduce relational structures called conditional doxastic models (CDM’s, for short). We show this setting to be equivalent to an epistemic version of the classical AGM Belief Revision theory. We present a logic of conditional beliefs that is complete w.r.t. CDM’s. Moving then to belief updates (sometimes called “dynamic” belief revision) induced by epistemic actions, we consider two particular cases: public announcements and private announcements to subgroups of age nts. We show how the standard semantics for these types of updates can be appropriately modified in order to apply it to CDM’s, thus incorporating belief revision into our notion of update. We provide a complete axiomatization of the corresponding dynamic doxastic logics. As an application, we solve a “cheating version” of the Muddy Children Puzzle. Key words: belief revision, belief update, conditional belief, dynamic epistemic logic, public announcement, modal logic, multi-agent system

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project
Once upon a time there were three very wise children, playing in a garden, under the tall trees. Despite their father’s warning, naughty Adam and Eve got mud on their foreheads, but obedient Mary stayed clean. Then the father came to them and said:“Behold, at least one of you is dirty”. Eve secretly checks her face in a mirror and answers correctly: "I'm dirty". How will Adam and Mary answer if they suspect no cheating?

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Flashcard 1532334050572

Tags
#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #muddy-children #private-announcements #public-announcements #serious-possibility-paradox-project
Question
Once upon a time there were three very wise children, playing in a garden, under the tall trees. Despite their father’s warning, naughty Adam and Eve got mud on their foreheads, but obedient Mary stayed clean. Then the father came to them and said:“Behold, at least one of you is dirty”. Eve secretly checks her face in a mirror and answers correctly: "I'm dirty". How will Adam and Mary answer if they suspect no cheating?
Answer
Adam: I'm clean (falsely)
Eve: goes crazy, incoherent (believes both that she is clean and that she is dirty)


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Once upon a time there were three very wise children, playing in a garden, under the tall trees. Despite their father’s warning, naughty Adam and Eve got mud on their foreheads, but obedient Mary stayed clean. Then the father came to them and said:“Behold, at least one of you is dirty”. Eve secretly checks her face in a mirror and answers correctly: "I'm dirty". How will Adam and Mary answer if they suspect no cheating?

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project
A knowledge-belief frame (KB-frame for short, see e.g. [17], pg. 89) is a Kripke frame of the form (S, → a , ∼ a ) a∈A , with a given set of states S and two binary relations for each agent; the first relation ∼ a is meant to capture the knowledge of agent a, while the second → a captures his beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) if s → a t then s ∼ a t ; (4) for every s ∈ S there e xists some t ∈ S such that s → a t.

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Flashcard 1532340342028

Tags
#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project
Question
A knowledge-belief frame (KB-frame for short, see e.g. [17], pg. 89) is a Kripke frame of the form (S, → a , ∼ a ) a∈A , with a given set of states S and two binary relations for each agent; the first relation ∼ a is meant to capture the knowledge of agent a, while the second → a captures his beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) [...] (3) if s → a t then s ∼ a t ; (4) for every s ∈ S there e xists some t ∈ S such that s → a t.
Answer
if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w;


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or each agent; the first relation ∼ a is meant to capture the knowledge of agent a, while the second → a captures his beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) <span>if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) if s → a t then s ∼ a t ; (4) for every s ∈ S there e xists some t ∈ S such that s → a t.<span><body><html>

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Flashcard 1532341914892

Tags
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Question
A knowledge-belief frame (KB-frame for short, see e.g. [17], pg. 89) is a Kripke frame of the form (S, → a , ∼ a ) a∈A , with a given set of states S and two binary relations for each agent; the first relation ∼ a is meant to capture the knowledge of agent a, while the second → a captures his beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) [...] (4) for every s ∈ S there e xists some t ∈ S such that s → a t.
Answer
if s → a t then s ∼ a t ;


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ile the second → a captures his beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) <span>if s → a t then s ∼ a t ; (4) for every s ∈ S there e xists some t ∈ S such that s → a t.<span><body><html>

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Question
A knowledge-belief frame (KB-frame for short, see e.g. [17], pg. 89) is a Kripke frame of the form (S, → a , ∼ a ) a∈A , with a given set of states S and two binary relations for each agent; the first relation ∼ a is meant to capture the knowledge of agent a, while the second → a captures his beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) if s → a t then s ∼ a t ; (4) [...]
Answer
for every s ∈ S there e xists some t ∈ S such that s → a t.


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beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) if s → a t then s ∼ a t ; (4) <span>for every s ∈ S there e xists some t ∈ S such that s → a t.<span><body><html>

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Flashcard 1532344536332

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project
Question
For a KB fram (S, a, a) what condition on the knowledge operator does the following correspond to? if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w;
Answer
Full introspection of knowledge and belief.


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or each agent; the first relation ∼ a is meant to capture the knowledge of agent a, while the second → a captures his beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) <span>if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) if s → a t then s ∼ a t ; (4) for every s ∈ S there e xists some t ∈ S such that s → a t.<span><body><html>

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Question
For a KB fram (S, a, a) what condition on the knowledge operator does the following correspond to? If s → a t then s ∼ a t ;
Answer
Knowledge implies Belief


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ile the second → a captures his beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) <span>if s → a t then s ∼ a t ; (4) for every s ∈ S there e xists some t ∈ S such that s → a t.<span><body><html>

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Question
For a KB fram (S, a, a) what condition on the knowledge operator does the following correspond to? For every s ∈ S there e xists some t ∈ S such that s → a t.
Answer
Consistency of Belief


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beliefs. A KB frame is required to satisfy the following natural conditions: (1) each ∼ a is reflexive: s ∼ a s; (2) if s ∼ a t then we have: s → a w iff t → a w, and also s ∼ a w iff t ∼ a w; (3) if s → a t then s ∼ a t ; (4) <span>for every s ∈ S there e xists some t ∈ S such that s → a t.<span><body><html>

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project
The maps • a and •(a) are called appearance maps: s a is the doxastic appearance of s to a (or the theory of a about s), and s(a) is the epistemic appearance of s to a (or the knowledge of a about s). The equivalence between the two definitions of knowledge-belief models is easily verified

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Question
s a is the doxastic appearance of s to a (or the theory of a about s). Define it formally.
Answer
\(s_a:S\rightarrow 2^S\), where \(s_a=\{t: s\rightarrow_a t\}\)


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The maps • a and •(a) are called appearance maps: s a is the doxastic appearance of s to a (or the theory of a about s), and s(a) is the epistemic appearance of s to a (or the knowledge of a about s). The equivalence between the two definitions of knowledge-belief models is easily verified<

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#conditional-doxastic-models #doxastic-logic #logic-of-conditional-beliefs #private-announcements #public-announcements #serious-possibility-paradox-project
Question
Let s a be the doxastic appearance of s to an agent a, \(P\subseteq S\) a proposition and Ba the belief operator for a. Define the proposition BaP in temrs of sa.
Answer
s ∈ B a P iff s a ⊆ P


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