What do "in terms of" and "payoff" mean here

Question

Proceeding from this definition, we can approximate p in terms of the constant ½, the positive payoff z, and R(w), the coefficient of relative risk aversion:

Answer 1

in terms of = برحسب

payoff شاید معنیش باشه "نتیجه".

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Answer 2

payoff = نتیحه جواب، ماحصل (( منظور نتیجه یا جواب یک معادله هست))

in terms of = در قالب ، به عنوان