Lec12_F03_mine - CLASS #12: MODELS OF EXPECTED VALUE I....

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CLASS #12: MODELS OF EXPECTED VALUE (i) MODELS (ii) Definition: A representation of some phenomenon of the real world made in order to facilitate an understanding of its workings. A model (iii) is a simplified, general version of real events, from which the incidental detail, or 'noise' has been removed. (iv) It has some aspects of the world but not all of them (v) Utility of Models -- a model becomes a characterization of a process and, as such, its value and usefulness derive from the predictions one can make from it and its role in guiding and developing theory and research. (vi) Uncertainty -- What happens when individual alternatives have multiple consequences and/or the outcome depends upon other actors? How do we take this information into account? p 1 1 - p 1 O 1 – V 1 O 2 – V 2 Alternative #1 p 2 1 – p 2 O 3 – V 3 O 4 – V 4 Alternative #2
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II. Pascal – Is it Rational To Believe in God? I.
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This note was uploaded on 04/21/2008 for the course PLS 200 taught by Professor Idk during the Fall '08 term at Michigan State University.

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Lec12_F03_mine - CLASS #12: MODELS OF EXPECTED VALUE I....

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