Examlex
Which type of coastline would most likely contain estuaries or fjords?
Trade-offs
The concept of sacrificing one good or action to obtain another, acknowledging that having more of one thing likely means having less of another.
Expected Value
A calculated average of all possible values in a probability distribution, weighted by their respective chances of occurrence.
Expected Utility
The anticipated value of an outcome, calculated by multiplying the utility of the outcome by the probability of its occurrence.
Risk-averse
Characterized by the preference to avoid risk, leading individuals or entities to choose the option with the least risk when faced with uncertain outcomes.
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