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The Meaning of Probability
Expected Value and Utility
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acceptance actually assess ball basic random variable batch Bernoulli process binomial distribution break-even value businessman chance Chapter choose CM CM column compound event compute the expected conditional expected terminal conditional losses conditional probability conditional profit confidence interval consequences cumulative curve decision maker decision problem decision rule demand dotted drawn elementary events equal error characteristics exactly example expected loss expected monetary value expected profit expected terminal loss expected total loss expected value formula fractile frequency distribution given histogram less manufacturer measure Normal approximation Normal distribution null hypothesis observed ooooo operator's setup opportunity loss optimal package parameters payoff table population possible acts possible values posterior distribution posterior probability prior distribution prob probability distribution profit or cost reasonable reference lottery rejection number relative frequencies result Section shown in Table simply standard deviation statistician store test striped student terminal act ticket unconditional unit variance weight wrong decision