Asked by
Elijah Joseph
on Oct 31, 2024
Verified
A state of nature is an occurrence of a situation over which the decision maker has little or no control.
State of Nature
A term used in decision theory and statistics to describe possible outcomes in a situation which are not under the control of the decision-maker.
- Understand the various decision-making environments and criteria, including certainty, risk, and uncertainty.
Verified Answer
SW
Learning Objectives
- Understand the various decision-making environments and criteria, including certainty, risk, and uncertainty.
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