Family-wise error rateIn statistics, family-wise error rate (FWER) is the probability of making one or more false discoveries, or type I errors when performing multiple hypotheses tests. John Tukey developed in 1953 the concept of a familywise error rate as the probability of making a Type I error among a specified group, or "family," of tests. Ryan (1959) proposed the related concept of an experimentwise error rate, which is the probability of making a Type I error in a given experiment.
Market distortionIn neoclassical economics, a market distortion is any event in which a market reaches a market clearing price for an item that is substantially different from the price that a market would achieve while operating under conditions of perfect competition and state enforcement of legal contracts and the ownership of private property. A distortion is "any departure from the ideal of perfect competition that therefore interferes with economic agents maximizing social welfare when they maximize their own".
Sidereal timeSidereal time ("sidereal" pronounced saɪˈdɪəriəl,_sə- ) is a system of timekeeping used especially by astronomers. Using sidereal time and the celestial coordinate system, it is easy to locate the positions of celestial objects in the night sky. Sidereal time is a "time scale that is based on Earth's rate of rotation measured relative to the fixed stars". Viewed from the same location, a star seen at one position in the sky will be seen at the same position on another night at the same time of day (or night), if the day is defined as a sidereal day (also known as the sidereal rotation period).
Excess burden of taxationIn economics, the excess burden of taxation, also known as the deadweight cost or deadweight loss of taxation, is one of the economic losses that society suffers as the result of taxes or subsidies. Economic theory posits that distortions change the amount and type of economic behavior from that which would occur in a free market without the tax. Excess burdens can be measured using the average cost of funds or the marginal cost of funds (MCF). Excess burdens were first discussed by Adam Smith.
