IOP 3701

University of South Africa

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IOP 3701 ASSIGNMENT 1
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3

september 2021

2021/2022

A+
QUESTION 1.1 Differentiate between the following terms/concepts a. Prospect and Probability Distribution • Prospect – A series of wealth outcomes, each of which is associated with a probability • Probability Distribution – A mathematical function that provides the probabilities of occurrence of different possible outcomes b. Utility Function and Expected Utility • Utility Function – A mathematical function which ranks alternatives according to utility to the individual • ...
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