The "principle of insufficient reason" indicates the decision maker's belief that any state of nature is as likely to occur as any other state.

Name: The "principle of insufficient reason" indicates the decision maker's belief that any state of nature is as likely to occur as any other state.
Brand: Quizplus
Rating: 4.9 (35 reviews)

Question

Quizplus · Accepted Answer

The principle of insufficient reason states that when there is no discernible reason to assign probabilities differently, each outcome is equally likely.

The "Principle of Insufficient Reason" Indicates the Decision Maker's Belief