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Author Question: __________ refer to the probabilities of the states of nature after revising the prior probabilities ... (Read 123 times)

silviawilliams41

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on: Jun 24, 2018
__________ refer to the probabilities of the states of nature after revising the prior probabilities based on sample information.
 a. Preliminary probabilities
  b. Perfect probabilities
  c. Joint probabilities
  d. Posterior probabilities

Question 2

New information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities is known as
 a. joint probability.
  b. sample information.
  c. conditional probability.
  d. expected utility.


Harbringer

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Reply #1 on: Jun 24, 2018
Answer to Question 1

d
RATIONALE: Posterior probabilities refer to the probabilities of the states of nature after revising the prior probabilities based on sample information.

Answer to Question 2

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


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