Examlex
On average,how many minutes can a regular user of tobacco go between doses of nicotine before experiencing negative effects?
Probability
A measure of the likelihood of a particular event or outcome occurring, expressed as a number between 0 and 1.
Expected Utility Maximizer
An individual who makes choices under uncertainty to maximize their expected level of satisfaction, based on the probabilities of different outcomes.
Von Neuman-Morgenstern
A theory in economics that provides an axiomatic basis for expected utility theory, which helps to explain choice under uncertainty.
Probability
An indication of how probable an event is to happen, represented numerically between 0 and 1, with 0 meaning it cannot happen and 1 meaning it is certain to happen.
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