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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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