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LSDefine

Simple English definitions for legal terms

prospect theory

Read a random definition: meritorious consideration

A quick definition of prospect theory:

Prospect theory, also known as incentive-to-commercialize theory, is an economic theory that explains why patents are granted. It states that patents are given to inventors to bring together different resources such as commercial backing, manufacturing capacity, marketing know-how, and other skills that the inventor alone would be unable to handle. This theory encourages inventors to invest and innovate, leading to the development of new products and technologies.

A more thorough explanation:

Prospect theory is an economic theory that explains why people make certain decisions based on the potential outcomes and risks involved. It is also known as the incentive-to-commercialize theory, which justifies the granting of patent rights based on how efficient the patent system is at bringing together diverse resources such as commercial backing, manufacturing capacity, marketing know-how, and other skills that the inventor alone would be unable to handle.

For example, a company may invest in a new product idea because they believe it has the potential to be successful and generate profits. However, they may also be hesitant to invest too much money because there is a risk that the product may not sell well and they will lose money. Prospect theory helps to explain why companies may take calculated risks based on the potential outcomes and rewards.

Another example is an individual deciding whether to invest in the stock market. They may weigh the potential gains against the potential losses and make a decision based on their perceived level of risk. Prospect theory helps to explain why people may be more willing to take risks when the potential rewards are high.

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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