Examlex
What is the use of splitters?
Payoff Table
A tabular representation of the outcomes or payoffs associated with each possible action and state of nature, used in decision-making processes.
Prior Probabilities
The probabilities of different outcomes or hypotheses as assessed before taking into account new evidence or data.
Likelihood Probabilities
The probability of observing the given data under different parameter values of a statistical model, often used in the context of estimating those parameters.
Expected Payoff
The predicted value of an investment or decision under uncertainty, calculated as the sum of all possible outcomes weighed by their probabilities.
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