Examlex
____ is called false code because, although it resembles programming language instructions, it cannot be understood by a computer.
Expected Monetary Values
A calculation used in decision-making to determine the probable monetary gain or loss from an action, by multiplying possible outcomes by their respective probabilities and summing these products.
Payoffs
The returns or outcomes received from a particular action or investment, often discussed in game theory and economics.
Decision Alternative
Different courses of action or strategies that a decision-maker can choose from in a decision-making process.
State of Nature Probabilities
The likelihoods of different possible outcomes or states in a probabilistic model, often used in decision making and forecasts.
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