# Updating the reserve price in common value auctions Source: Branson Contexts: macro acceptance region: Occurs in the context of hypothesis testing. Possible values of T can be divided into two regions, the acceptance region and the rejection region.

If the value of T comes out to be in the acceptance region, the null hypothesis being tested is not rejected.

Contexts: phrases annihilator operator: Denoted [] with a lag operator polynomial in the brackets.

Has the effect of removing the terms with an L to a negative power; that is, future values in the expression.

E.g., in the context of taking a derivative, which could sometimes be calculated numerically on a computer, but is usually done analytically by finding an algebraic expression for the derivative.Contexts: econometrics; estimation a fortiori: Latin for "even stronger". Could be interpreted to mean "in the same way." Contexts: phrases a priori: It is always used in the phrase "a priori" often shown in italics because it is not English, but comes from Latin. It may come from the formal logic of proof in mathematics, developed over hundreds of years by people who knew Latin.In the economics context "a priori" means "it is assumed in advance". It may have also a more precise meaning than I said there but I am sure this is clear enough to help.An equivalent formulation is this one: AIC=T ln(RSS) 2K where K is the number of regressors, T the number of obserations, and RSS the residual sum of squares; minimize over K to pick K. Alienation is the subjugation of people by the artificial creations of people "which have assumed the guise of independent things." Because products are thought of as commodities with money prices, the social process of trade and exchange becomes driven by forces operating independently of human will like natural laws. In particular, the statement that a series limits to W as n goes to infinity, means that Pr=1.Contexts: probability; statistics; econometrics alternative hypothesis: "The hypothesis that the restriction or set of restrictions to be tested does NOT hold." Often denoted H.