Expected value refers to the average outcome (payoff)that the decision maker would expect to receive over the long run if the decision is repeated many times.

Name: Expected value refers to the average outcome (payoff)that the decision maker would expect to receive over the long run if the decision is repeated many times.
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The Answer of Expected value refers to the average outcome (payoff)that the decision maker would expect to receive over the long run if the decision is repeated many times.

Expected Value Refers to the Average Outcome (Payoff)that the Decision