IOP 3701 ASSIGNMENT 1
Johns Hopkins University
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Exam (elaborations)
IOP 3701 ASSIGNMENT 1
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---3September 20212021/2022A+
- 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 
• ...
-
$3.99 More Info
AcademicFountain
-
Exam (elaborations)
IOP 3701 ASSIGNMENT 1
-
---3August 20212021/2022A+
- 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 
• ...
-
$3.99 More Info
AcademicFountain