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The federal funds rate is determined
Perfect Information
Perfect information refers to a theoretical scenario where all participants in a market have complete and instantaneous knowledge of all market conditions and variables, leading to an optimal decision-making environment.
Expected Value
A calculation in probability theory that represents the average outcome when the experiment is repeated a large number of times.
Conditional Probabilities
The likelihood of an event or outcome occurring, given that another event has already occurred.
Optimistic Decision Maker
A decision-making style characterized by the tendency to expect the most favorable outcome.
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