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Briefly Describe the Three Predominant Theories of Decision Making Discussed

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Essay

Briefly describe the three predominant theories of decision making discussed in the chapter and the main emphasis in each that differentiate one from another theory.

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Definitions:

Probability Density Function

A function that describes the likelihood of finding a continuous random variable within a particular range of values.

Random Variable

A variable with values that are contingent upon the results of a stochastic event.

Uniform Distribution

A type of probability distribution where all outcomes are equally likely to occur.

Continuous Random Variable

A variable that can take an infinite number of possible values in a continuum within a given range, such as any real number between two points.

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