Examlex
Express the function in the form of .
States of Nature
Different scenarios or conditions that can occur in decision-making processes, particularly in the context of uncertainty and risk.
Decision Trees
A graphical representation used for making decisions and showing the outcomes of different choices, often used in business for strategic planning or in artificial intelligence for predicting outcomes.
Sequence of Decisions
A series of choices made over time, where the outcome of one decision impacts the choices available in the next decision.
EMV
Expected Monetary Value, a concept used in decision-making under uncertainty, representing the sum of possible outcomes weighted by their respective probabilities and monetary values.
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