The above diagram is an example of ____.
Definitions:
Expected Value
The long-term average or mean of a random variable or a probability distribution.
Perfect Information
A scenario in which all relevant economic information is known to all participants at the same time.
Expected Payoff
The predicted value or outcome of a gamble or decision that takes into account all possible outcomes, weighted by their respective probabilities.
Decision Maker
An individual or entity responsible for making choices or deciding on a course of action.
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