Question

The lowest one of these quantities in a set is multiplied by the “coefficient of pessimism” alpha, and the highest by one minus alpha, when applying the Hurwicz criterion. Defining this quantity using the Choquet integral can explain violations of Savage’s “sure-thing” principle, like the Allais paradox. A function representing this quantity that is unique up to an affine transformation must exist for any von Neumann–Morgenstern ranking. Daniel Bernoulli used a logarithmic function to model this quantity in his resolution of the (10[1])St. Petersburg paradox. Bundles that provide the same value of this quantity are plotted on an indifference curve. In orthodox decision theory, the optimal choice has the greatest expected value (10[1])of this quantity. (10[2])For 10 points, identify this economic quantity that represents the value of a good or service. ■END■ (10[2])

ANSWER: utility [accept expected utility; accept payoff]
<Social Science>
= Average correct buzz position

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Buzzes

PlayerTeamOpponentBuzz PositionValue
Dean Ah NowClaremont AUW A8110
Jisoon YooTexas AUBC A11110
Dwight SolanoTexas A&M BRice A11410
Shantanu ThoratTexas A&M ASorbonne11410
Gavin BramerAppalachian StateIowa B13110
Aswath KaraiMichigan State AIowa A13110

Summary