Examlex
We are most likely to experience cognitive dissonance if we feel
Perfect Information
A condition in decision making where all parties have full and identical information relevant to the decision.
Expected Payoff
The anticipated return of an investment or decision under uncertainty, calculated as a weighted average of all possible outcomes.
Posterior Probabilities
The probabilities of different possible outcomes or hypotheses being true after considering new evidence, rephrasing the concept in a broader context.
Prior Probabilities
The probabilities assigned to events before any new evidence is considered, often used in Bayesian analysis.
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