Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-John Locke
Expected Opportunity Loss
The anticipated loss for not choosing the best possible option or course of action in decision-making processes.
Expected Monetary Value
A statistical technique in decision making used to calculate the average outcome when the future includes scenarios that may or may not happen.
Expected Value
The long-run average value of repetitions of the experiment it represents, often considered as the mean in probability.
Perfect Information
A situation in a game or economic model in which all participants know all the relevant details, including the actions and payoffs of all players.
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