Examlex
Karl Marx wrote that there should be an expansion of the "coercive powers of government."
Expected Value
The predicted value of a variable, computed as the sum of all possible values each multiplied by the probability of its occurrence.
Payoffs
The outcomes or returns from a particular action or investment.
Prior Probabilities
The probabilities assigned to events or hypotheses before any new evidence is considered.
States of Nature
Different hypothetical conditions or outcomes that could affect a decision in decision theory.
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