Examlex
Research about commitment suggests that:
Opportunity Loss
The forfeit of possible benefits from different options when a specific choice is made.
Prior Probabilities
The probabilities that are assigned to events or hypotheses before any relevant evidence is taken into account.
Payoff Table
A decision-making tool that outlines the possible outcomes and their respective returns or losses for different actions or decisions under consideration.
Sample Information
Data or facts obtained from a subset of a larger population, used for the purpose of statistical analysis or estimation of parameters of the entire population.
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