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.

Question

Quizplus · Accepted Answer

New information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities is referred to as sample information. Joint probability refers to the probability of occurrence of two or more events simultaneously. Conditional probability is the probability of an event occurring given that another event has occurred. Expected utility refers to the expected value of the utility function of a particular decision.

New Information Obtained Through Research or Experimentation That Enables an Updating