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Suppose a 95% confidence interval for µ turns out to be (1,000, 2,100) . To make more useful inferences from the data, it is desired to reduce the width of the confidence interval. Which of the following will result in a reduced interval width?
Complete Rationality
The theoretical concept of making decisions based on all available information and in a fully logical manner, often contrasted with real-world limitations.
Instrumental Rationality
Decision-making based on strategic calculation of the most efficient means to achieve a specific goal, without considering ethical implications.
Advanced Rationality
A theoretical concept that suggests human decision-making processes are more sophisticated and complex than simple rationality.
Essential Rationality
The assumption that individuals or organizations act based on logical consideration of available information to achieve their goals.
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