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Prospect theory. Daniel Kahneman, who won the 2002 Nobel Memorial Prize in Economics for his work developing prospect theory. Prospect theory is a theory of behavioral economics, judgment and decision making that was developed by Daniel Kahneman and Amos Tversky in 1979. [ 1] The theory was cited in the decision to award Kahneman the 2002 Nobel ...
Prospecting is the first stage of the geological analysis (followed by exploration) of a territory. It is the search for minerals, fossils, precious metals, or mineral specimens. It is also known as fossicking . Traditionally prospecting relied on direct observation of mineralization in rock outcrops or in sediments.
Property rights are constructs in economics for determining how a resource or economic good is used and owned, [ 1] which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives ...
Bioprospecting (also known as biodiversity prospecting) is the exploration of natural sources for small molecules, macromolecules and biochemical and genetic information that could be developed into commercially valuable products for the agricultural, [ 2][ 3] aquaculture, [ 4][ 5] bioremediation, [ 4][ 6] cosmetics, [ 7][ 8] nanotechnology ...
A gold pan. Gold prospecting is the act of searching for new gold deposits. Methods used vary with the type of deposit sought and the resources of the prospector. Although traditionally a commercial activity, in some developed countries placer gold prospecting has also become a popular outdoor recreation. Gold prospecting has been popular since ...
Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) [ 1][ 2] is a social science that studies the production, distribution, and consumption of goods and services. [ 3][ 4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
Gold panning, or simply panning, is a form of placer mining and traditional mining that extracts gold from a placer deposit using a pan. The process is one of the simplest ways to extract gold, and is popular with geology enthusiasts especially because of its low cost and relative simplicity. The first recorded instances of placer mining are ...
Positive economics. Positive economics (as opposed to normative economics) is the part of economics that deals with positive statements. Positive economics, was originated from positivism and got introduced to economics by John Stuart Mill in his book Auguste Comte and Positivism[ 1] in 1860's, reflecting upon Comte's positivism.