In the Hurwicz Criterion If the Coefficient of Optimism Is

question 5

Multiple Choice

In the Hurwicz criterion if the coefficient of optimism is 0.7 then the decision maker is

• A)completely optimistic
• B)completely pessimistic
• C)somewhat optimistic
• D)somewhat pessimistic

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Definitions:

Peasants

Historically, members of the lower social class in rural areas, typically farmers who own or rent small plots of land for cultivation.

Legitimate Power

Authority that is recognized and accepted by others within an organizational or social structure, often derived from an official position or role.

Tyranny

Rule by those who wield their power oppressively and abusively.

Social Contract

An agreement, tacit or explicit, between all members of society, in which each citizen gives up certain rights and privileges in return for the protection and mutual advantage of society.