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Minimum Expected Loss
A decision-making criterion based on choosing the action that has the smallest expected loss, used under uncertainty to minimize possible losses.
Payoff Table
A table that displays the possible outcomes or results of different decisions under various states of nature.
Payoff Table
A matrix that represents the possible outcomes of different strategies, often used in decision-making and game theory.
Expected Monetary Value
A calculation in decision theory and statistics used to anticipate the potential monetary outcomes of different decisions.
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