Examlex
The average height of flowering cherry trees in a certain nursery is 10.5 feet. If the heights are normally distributed with a standard deviation of 1.5 feet, find the probability that a tree is less than 12.5 feet tall.
Payoff
The return or reward received from an investment or action.
Nash Equilibrium
A concept in game theory where each player's strategy is optimal given the strategies of all other players, leading to a situation where no player can benefit by changing strategies unilaterally.
Dominant Strategy
A strategy in game theory that yields the best outcome for a player, regardless of what strategies other players choose.
Nash Equilibrium
A concept in game theory where each player's strategy is optimal, given the strategies of other players, and no player has an incentive to deviate unilaterally.
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