Probability, Expected Payoffs and Expected Utility
Sample Space or Universe. Let S denote a set (collection or listing) of all possible outcomes or ?states" of the environment known as the sample space or universe; a typical state is denoted as s. For example:S={s1, s2}; success/failure, or low/high price.S={s1, s2,...,sn-1,sn}; number of n units
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