Question

In: Finance

1. New information obtained through research or experimentation that enables an updating or revision of the...

1. New information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities is known as

conditional probability.

joint probability.

sample information.

expected utility.

2.__________ refer to the probabilities of the states of nature after revising the prior probabilities based on sample information.

Preliminary probabilities

Joint probabilities

Posterior probabilities

Perfect probabilities

3._____ refers to the probability of one event, given the known outcome of a (possibly) related event.

Joint probability

Decisive probability

Conditional probability

A priori probability

4.Bayes’ theorem

enables the use of sample information to revise prior probabilities.

is useful for determining optimal decisions without requiring knowledge of probabilities of the states of nature.

can be used only for cases where conditional probabilities are unknown.

cannot be used to calculate posterior probabilities.

Expert Solution

Answer :- It has been attached for your referance & Explanation.

jeff jeffy answered 2 years ago

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