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Describe how people judge the equity of their pay.
Sample Information
Information or data collected from a subset of a larger population, used to infer characteristics or parameters of the whole population.
Expected Monetary Value
A decision-making tool used to determine the average outcome of a set of uncertain possibilities, taking into account the probability and monetary value of each outcome.
Perfect Information
A situation in which all participants have access to all relevant information in a market or decision-making situation.
Prior Probabilities
The probabilities of possible outcomes based on existing knowledge before the arrival of new evidence.
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