• What are the elements of a decision? How does statistical decision theory differ in conditions of certainty and uncertainty? When making a decision, can doing nothing be a valid alternative? Why? I think that the elements of decision making are centered around problem rationalization, boundary conditions, the right thing to do, action, and feedback. Uncertainty is a measure of variety such that uncertainty (H) is zero when all elements are in the same category. H increases with both the number
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utility resulting from one more dollar decreases. 4. Although it is impossible to specify any one form of a utility function is universally valid for everyone, the following functional form is convenient for illustrating problems related to decision making under uncertainty: U(V) = 100((V/Vmax)^1/k)) where n^k means n to the power k, as in Excel notation U is utility on a scale with U =0 when V=0 and U = 100 when V = Vmax V is the value of an outcome Vmax is the maximum possible
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|Decision-Making Analysis[1] | The Components of a Decision Problem 2 Decision Making under Uncertainty 3 Maximax Procedure 3 Maximin procedure 4 Equal Likelihood Procedure 5 Minimax Regret Procedure 5 Decision Making under Risk 6 Maximizing Expected Gain 6 Minimizing Expected Regret 7 The Expected Value of Perfect Information 8 Summary 17 Discussion Questions 18 Solved Problems 18 Problems 24 Key Terms 31 |The Components of a Decision Problem
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Business Law Examination |1. |Describe why or why not an order from the president to raise minimum wage would be permissible. | | |I think raise minimum wage from the president would be permissible. And raising the minimum wage right| | |now is more important than ever. Minimum wage increases stimulate the economy by increasing consumer | | |spending, without adding to state and federal budget deficits. Consumer spending
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their HRS Defined Contribution Plan imputation algorithm, to Paul Bingley, Peter Diamond, Gary Engelhardt, Jon Gruber, Helena Stolyarova, and many seminar participants for helpful comments, and to the National Institute of Aging for research support under grant number P01 AG005842. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2006 by James Poterba, Joshua Rauh, Steven Venti, and David Wise. All rights reserved
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Key Figures and their Contributions Jeremy Bentham - • Invented the first type of utilitarianism: Act Utilitarianism • Came up with the use of the hedonic calculus • Famous saying "nature has put us under two sovereign masters: pleasure and pain." John Stuart Mill - • Developed Bentham's work • Invented Rule Utilitarianism • Brought in the idea that there are 'higher' and 'lower' pleasures • Famous quote: "it is better to be an unsatisfied Socrates than a satisfied
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------------------------------------------------- Solution to Assignment Problem One - 1 The circumstances under which a general provision of the Income Tax Act can be overridden are as follows: 1. In those situations where there is a conflict between the provisions of an international tax treaty and the Income Tax Act, the terms of the international tax treaty will prevail 2. While court decisions cannot be used to change the actual tax law, court decisions may call into question the reasonableness of interpretations of the ITA
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the French law of contract is codifi ed and to be found in legislative form, the English law of contract is to be found mainly in the decisions of judges as reported in 7 Common law and equity the law reports. As will be seen, a fi rst issue when reading cases is to determine what the law is, as judges will not usually clearly state the rule upon which a decision is based. It is not suggested that codifi cation is unknown to English law; the Sale of Goods Act 1893 was an example of codifi cation
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communication is more than just an exchange of words, but the atmosphere or climate also plays a role. Defensive vs Supportive Communication Climate Communication climate becomes defensive when people feel their social images or personal integrity is under attack. Jack Gibb, a researcher of group communication, identified six communication strategies that produce defensiveness and a complementary set of strategies that can be more supportive. In a supportive environment, each member is valued and appreciated
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Union law over national law. However, Declaration number 17 was attached to the aforementioned Treaty to this effect. There can be seen a very unambiguous perspective on the issue of supremacy of European Union law over disagreeing national law: ‘under the principle of supremacy, precedence must always be given to Community law over conflicting national law however framed and including national constitutional provisions'. As it is firmly known, the discussed principle of supremacy was established
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