Examlex
What is the common name of the following compound?
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.
Maximax Criterion
A decision-making rule used in scenarios of uncertainty, selecting the option with the maximum possible payoff regardless of the risks involved.
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