The equally likely criterion assigns a probability of 0.5 to each state of nature.

Name: The equally likely criterion assigns a probability of 0.5 to each state of nature.
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The equally likely criterion, also known as the principle of insufficient reason or principle of indifference, assigns equal probabilities to all possible outcomes, but this does not necessarily mean each outcome has a probability of 0.5. The specific probability value depends on the total number of outcomes.

The Equally Likely Criterion Assigns a Probability of 0