The Objective Probability

-  100 explorations out of which 25 successes and 75 failures

-  Probability (Pr) of success = 1/4 and probability of failure = ¾



Given:

-  The two possible outcomes which are having payoffs X₁ and X₂

-  Probabilities of each outcome can be given by P_r1 & P_r2

* In general, expected value can be written as:

Posted Date: 10/10/2012 8:19:30 AM | Location : United States

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