Examlex
When a person must continue to take a drug to satisfy intense cravings for the drug they are demonstrating
Expected Utility
The anticipated satisfaction or value a person expects to receive from a particular outcome, considering all possible outcomes and their probabilities.
Insurance Market
The marketplace where various types of insurance products and services are traded between insurers and those seeking insurance protection.
Probability
A gauge of the probability that an event will ensue, denoted as a figure falling between 0 and 1.
Expected Value
A calculation used in statistics and probability theory to determine the anticipated result of an event, considering all possible outcomes and their probabilities.
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