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Wundt observed stimuli of various kinds and then tried to "look inward" to probe his reactions to these stimuli through a process known as
Probability
A measure of the likelihood that a specified event will occur, expressed as a number between 0 and 1.
Expected Utility Hypothesis
A theory suggesting that individuals choose between risky or uncertain prospects by comparing their expected utility values.
Monotonic Increasing Function
A mathematical function that either never decreases or strictly increases, ensuring that as the input increases, the output does not decrease.
Risk
The potential for losing something of value, which can be physical, emotional, financial, or reputational.
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