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Here are the best resources to pass IOP 3701 ASSIGNMENT 1. Find IOP 3701 ASSIGNMENT 1 study guides, notes, assignments, and much more.
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IOP 3701 ASSIGNMENT 1
Exam (elaborations) • 3
pages
• 2021
QUESTION 1.1
Differentiate between the following terms/concepts
a. Prospect and Probability Distribution
• Prospect – A series of wealth outcomes, each of which is associated with a
probability
• Probability Distribution – A mathematical function that provides the probabilities
of occurrence of different possible outcomes
b. Utility Function and Expected Utility
• Utility Function – A mathematical function which ranks alternatives according
to utility to the individual
• ...
QUESTION 1.1
Differentiate between the following terms/concepts
a. Prospect and Probability Distribution
• Prospect – A series of wealth outcomes, each of which is associated with a
probability
• Probability Distribution – A mathematical function that provides the probabilities
of occurrence of different possible outcomes
b. Utility Function and Expected Utility
• Utility Function – A mathematical function which ranks alternatives according
to utility to the individual
• ...
QUESTION 1.1
Differentiate between the following terms/concepts
a. Prospect and Probability Distribution
• Prospect – A series of wealth outcomes, each of which is associated with a
probability
• Probability Distribution – A mathematical function that provides the probabilities
of occurrence of different possible outcomes
b. Utility Function and Expected Utility
• Utility Function – A mathematical function which ranks alternatives according
to utility to the individual
• ...
QUESTION 1.1
Differentiate between the following terms/concepts
a. Prospect and Probability Distribution
• Prospect – A series of wealth outcomes, each of which is associated with a
probability
• Probability Distribution – A mathematical function that provides the probabilities
of occurrence of different possible outcomes
b. Utility Function and Expected Utility
• Utility Function – A mathematical function which ranks alternatives according
to utility to the individual
• ...
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