Discussion
What is a utility function in decision theory?
Answer: D
Utility converts a preference ordering over outcomes into numbers that may be combined with probabilities to compute an expectation. It is determined only up to a positive linear transformation, which is why only ratios of differences are meaningful. Probabilities, costs and action rankings are different quantities. That a number can be attached to a preference at all follows from axioms about consistent choice rather than being assumed. Working one numerical case through both cases side by side fixes the distinction better than any rule of thumb.
No comment is present. Be the first to comment.
Loading…
Post your comment
Please log in or register to post a comment.
Examination Categories
- SSC Exams
- Banking Exams
- Teaching Exams
- Civil Services Exams
- Railways Exams
- Engineering Recruitment Exams
- Defence Exams
- State Government Exams
- Police Exams
- Insurance Exams
- Nursing Exams
- Other Government Exams
- NRA CET
- PG Entrance Exams
- Campus Placement
- MBA Entrance Exams
- CUET and UG Entrance
- Judiciary Exams
- Regulatory Body Exams
- Software Development