Quiz 5 Flashcards
0
Q
Exclusive event
A
When one event happens and the other does not
1
Q
Exhaustive event
A
At least one if the events happens in each trial for two exclusive events e1 and e2 with probabilities, pe1 and pe2 respectively, and pay offs a1 and a2.
2
Q
Expected value
A
P(E1)(a1)+P(E2)(a2)
