Examlex
Who established an "anthropomorphic" laboratory to measure intelligence through tests such as sensory discrimination and reaction time?
Marginal Utility
The added satisfaction that a consumer gains from consuming one more unit of a good or service.
Risk-averse
A characteristic of individuals or entities that prefer to avoid risk in investment choices, opting for safer, less uncertain options.
Fair Bet
A gambling term where the expected return is equal to the original stake, with no advantage for the house or the bettor.
Expected Value
The calculated average of all possible values for a random variable, weighted by their respective probabilities.
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