Examlex
Probability
A measurement of the likelihood or chance that a certain event will occur, expressed as a number between 0 and 1 (where 1 indicates certainty).
Utility
A measure of satisfaction or happiness that a consumer receives from consuming goods and services.
Expected Utility Function
A concept in economics and decision theory that represents an individual's preference for a set of possible outcomes based on a probability distribution.
Sure Payment
A fixed amount of money that is guaranteed to be paid under specified conditions.
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