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Dan Hein owns the mineral and drilling rights to a 1,000 acre tract of land.If he drills a well and does not strike oil, his net loss will be $50,000, but if he drills a well and strikes oil, his net gain will be $100,000.If he does not drill, his loss is the cost of the mineral and drilling rights, which amount to $1000.The probability of the state of nature "oil in the tract" is unknown.If Dan is an optimist, he would choose the _____________.
Practical Application
The use of theoretical knowledge in real-world scenarios to solve problems or accomplish tasks.
New Idea
A novel concept, thought, or innovation that has not been proposed or thought of before.
Hydrogen-powered Car
A vehicle that uses hydrogen fuel cells to power its motor, emitting only water vapor as exhaust.
Final Blueprints
The detailed plans or drawings used as a guide for building or constructing something, typically representing the last version after all revisions have been made.
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