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Archie is trying to train his son Gregor to fall asleep.He puts Gregor in the crib at 10:00 p.m.,30 minutes later than his usual bedtime.Gregor is still not asleep after 10 minutes.So,Archie takes him out.He tries again at 10:30 p.m.He puts Gregor in the crib.By 10:45 p.m.,Gregor is still not asleep,so Archie takes him out.He tries again at 11:00 p.m..He puts Gregor in the crib.Within 5 minutes,Gregor is asleep.The next night,Archie first tries putting Gregor in the crib at 10:30 p.m.Sure enough,Gregor is asleep at 10:40 p.m.This technique is called which of the following?
Zero Sum Game
A situation in game theory in which one participant's gains result exactly from losses incurred by other participants.
Expected Value
A calculated average of all possible values in a given probability distribution, weighted by the likelihood of each outcome.
Total Utility
The utter satisfaction achieved from the intake of a specific quantity of goods or services.
Risk-loving
A preference for or willingness to take on risk, where individuals may favor investments or decisions with uncertain outcomes over those with certain but potentially lower returns.
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