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Two mercenary forecasters dueled for the lucrative Surreal Farms egg production forecasting job.The farmer provided them with output levels from ten day's production and had them forecast the next ten days.The combatant's forecasts and the actual egg production are shown in the table.Which forecaster was more accurate and should be hired as a result of his performance on this trial?
Systematic Errors
Suboptimal choices that (1) are not rational because they do not maximize a person’s chances of achieving his or her goals and (2) occur routinely, repeatedly, and predictably.
Self-Interested
Acting in a way that is most beneficial to oneself, often used in the context of economic behavior assuming individuals act to maximize their own welfare.
Willpower
The ability to resist short-term temptations in order to meet long-term goals.
Systematic Error
Errors in measurement that are consistent, predictable, and typically caused by faulty equipment or bias, which can lead to inaccuracies in data collection or analysis.
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