The Following Table Is a Valid Probability Distribution, for a Random

question 53

Short Answer

The following table is a valid probability distribution, for a random variable X, where the individual probabilities are unknown. $$\begin{array} { | c | c | } \hline X & P [ X ] \\\hline - 3 & \\\hline - 2 & \\\hline 0 & \\\hline 1 & \\\hline 2 & \\\hline\end{array}$$ Which of the following statements is correct ? $\begin{array}{|l|l|}\hline A&\text {The expected value of \( \mathrm{X} \) can only be 0 . }\\\hline B&\text { The expected value of \( \mathrm{X} \) could be 3 .}\\\hline C&\text { The expected value of \( \mathrm{X} \) could be 0.5}\\\hline D&\text {None of these choices are correct }\\\hline \end{array}$

Understand the concept of Arrow's impossibility theorem and its implications for social choice theory.

Recognize examples of common biases and errors in judgment and decision-making.

Understand the principles and outcomes of the ultimatum game in behavioral economics.

Explain the concept of asymmetric information and how it leads to problems like moral hazard and adverse selection.

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Definitions:

Loss of Consciousness

A state in which a person is not awake and aware of themselves and their environment, often resulting from illness, injury, or medical conditions.

Technology

The application of scientific knowledge for practical purposes, especially in industry.

Macho Culture

Macho culture refers to an organizational environment that emphasizes toughness, personal strength, and the dominance of male attributes, often at the expense of inclusivity and diversity.

Workplace Safety

Practices and policies implemented to ensure the physical and psychological well-being of employees in a work environment, preventing injuries and health hazards.