Question #72375

What is probability in microecomics?

Expert's answer

Probability is a percentage chance that something will happen. In the predicted

theory of utility, the lottery is a discrete distribution of probabilities on the set of

states of nature. Lottery elements correspond to the probability that each of the

states of nature will occur. Much of the theoretical analysis of choice in terms of

uncertainty involves characterizing affordable elections in terms of lotteries,

where affordable elections is choice, which someone have chosen in process of

games.

theory of utility, the lottery is a discrete distribution of probabilities on the set of

states of nature. Lottery elements correspond to the probability that each of the

states of nature will occur. Much of the theoretical analysis of choice in terms of

uncertainty involves characterizing affordable elections in terms of lotteries,

where affordable elections is choice, which someone have chosen in process of

games.

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