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单词 exchange
释义
exchange

Logic
  • A structural rule in sequent calculus formalizations of proof theory according to which the order of instances of formulae appearing in a cedent may be permuted without loss of generality. Where Γ, Γ, Δ, and Δ are sets of formulae and φ a formula, this inference is represented as left- and right-exchange:

    Γ,φ,ψ,ΓΔΓ,ψ,φ,ΓΔL-ExΓΔ,φ,ψ,ΔΓΔ,ψ,φ,ΔR-Ex

    When a sequent calculus admits exchange, cedents may be construed as either multisets or sequences without loss of generality.


Economics
  • 1. The trade of one good or asset for another. Exchange is the most basic form of economic activity. It requires a coincidence of wants between the two parties: each must want what the other possesses. The process of exchange can be represented in an Edgeworth box. See also voluntary exchange.

    2. A place where trading is carried out: thus shares were traded at the stock exchange, corn was traded at a corn exchange, and workers were hired at a labour exchange. In many cases most of the trade is nowadays done electronically, so that a stock exchange is often an institution rather than a physical place. See also commodity market.


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