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In fact, according to decision theory, the only value that matters in the above matrix is the +∞ (infinitely positive). Any matrix of the following type (where f 1 , f 2 , and f 3 are all negative or finite positive numbers) results in (B) as being the only rational decision.
The problem of points, also called the problem of division of the stakes, is a classical problem in probability theory.One of the famous problems that motivated the beginnings of modern probability theory in the 17th century, it led Blaise Pascal to the first explicit reasoning about what today is known as an expected value.
Vested interest (Crano, 1983; [1] Crano & Prislin, 1995; [2] Sivacek & Crano, 1982 [3]) is a communication theory that seeks to explain how an attitude of self-interest can affect behavior; or, in more technical terms, to question how certain hedonically relevant (Miller & Averbeck, 2013) [4] attitudinal dimensions can influence and consistently predict behavior based on the degree of ...
The race to the White House is heating up, and Caroline Kennedy is the latest high-profile name to share her top pick for Democratic nominee.
An "instrumental rationalist" is a decision expert whose response to seeing a man engaged in slicing his toes [the man’s value rational fact-free end] with a blunt knife [the man’s instrumental value-free means] is to rush to advise him that he should use a sharper knife to better serve [instrumentally] his evident [value rational] objective.
Speaking to a raucous crowd that hung on every utterance, the Chicago couple brought into focus the values at stake and their belief in how Vice President Kamala Harris is uniquely ready to turn ...
The idea of exhilarating uncertainty could best be illustrated by an individual's decision to participate in an extreme recreational activity such as skydiving, bungee jumping or parasailing. [2] Personal tolerance for uncertainty will determine how willing a person is to invest when the likelihood of the desired outcome is unclear; whether ...
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