Norms That Are Central to the Functioning of a Society

question 2

True/False

Norms that are central to the functioning of a society and to its social life are called mores.

---

Definitions:

Expected Value

The anticipated value of a variable, computed as an average of all possible values weighted by their probabilities.

Expected Monetary Value

A calculation used in decision-making to determine the average outcome when the future includes scenarios that may or may not happen.

Analytic Decision Making

The process of making choices by systematically analyzing information, evaluating alternatives, and basing decisions on rational evidence.

Maximin Criterion

A decision rule used in statistics, economics, and game theory that selects the action maximizing the minimum payoff possible from available choices.