Describe What New Information Is Obtained from Measurements on an Interval

question 24

Essay

Describe what new information is obtained from measurements on an interval scale compared to measurements from an ordinal scale.

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Definitions:

Nash Equilibrium

In game theory, the result of all players’ playing their best strategy given what their competitors are doing.

Maximin Strategy

A decision rule used in situations of uncertainty to maximize the minimum gain or to minimize the maximum loss.

Equilibrium

A state in a market or economy where supply equals demand, resulting in stable prices and quantities.

Maximin Strategy

A decision-making rule used in situations with uncertainty to maximize the minimum gain that can be achieved.