Stochastic differential equationA stochastic differential equation (SDE) is a differential equation in which one or more of the terms is a stochastic process, resulting in a solution which is also a stochastic process. SDEs have many applications throughout pure mathematics and are used to model various behaviours of stochastic models such as stock prices, random growth models or physical systems that are subjected to thermal fluctuations. SDEs have a random differential that is in the most basic case random white noise calculated as the derivative of a Brownian motion or more generally a semimartingale.
Mathematical economicsMathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity.
Nuclear powerNuclear power is the use of nuclear reactions to produce electricity. Nuclear power can be obtained from nuclear fission, nuclear decay and nuclear fusion reactions. Presently, the vast majority of electricity from nuclear power is produced by nuclear fission of uranium and plutonium in nuclear power plants. Nuclear decay processes are used in niche applications such as radioisotope thermoelectric generators in some space probes such as Voyager 2. Generating electricity from fusion power remains the focus of international research.
Single-stage-to-orbitA single-stage-to-orbit (SSTO) vehicle reaches orbit from the surface of a body using only propellants and fluids and without expending tanks, engines, or other major hardware. The term usually, but not exclusively, refers to reusable vehicles. To date, no Earth-launched SSTO launch vehicles have ever been flown; orbital launches from Earth have been performed by either fully or partially expendable multi-stage rockets. The main projected advantage of the SSTO concept is elimination of the hardware replacement inherent in expendable launch systems.
Simultaneous equations modelSimultaneous equations models are a type of statistical model in which the dependent variables are functions of other dependent variables, rather than just independent variables. This means some of the explanatory variables are jointly determined with the dependent variable, which in economics usually is the consequence of some underlying equilibrium mechanism. Take the typical supply and demand model: whilst typically one would determine the quantity supplied and demanded to be a function of the price set by the market, it is also possible for the reverse to be true, where producers observe the quantity that consumers demand and then set the price.
Power system operations and controlPower system operations is a term used in electricity generation to describe the process of decision-making on the timescale from one day (day-ahead operation) to minutes prior to the power delivery. The term power system control describes actions taken in response to unplanned disturbances (e.g., changes in demand or equipment failures) in order to provide reliable electric supply of acceptable quality. The corresponding engineering branch is called Power System Operations and Control.
Instrumental variables estimationIn statistics, econometrics, epidemiology and related disciplines, the method of instrumental variables (IV) is used to estimate causal relationships when controlled experiments are not feasible or when a treatment is not successfully delivered to every unit in a randomized experiment. Intuitively, IVs are used when an explanatory variable of interest is correlated with the error term, in which case ordinary least squares and ANOVA give biased results.
Entity–relationship modelAn entity–relationship model (or ER model) describes interrelated things of interest in a specific domain of knowledge. A basic ER model is composed of entity types (which classify the things of interest) and specifies relationships that can exist between entities (instances of those entity types). In software engineering, an ER model is commonly formed to represent things a business needs to remember in order to perform business processes.
