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emv algorithm


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For a decision tree with all payoffs and the probabilities of all chance outcomes known, determine the emv for the chance nodes (or vertices) starting from the payoffs. At each decision node the player takes the decision which maximizes the emv.

The notion of a utility function develops this type of problem further by recognizing that the same amount of money may be valued differently by people in different financial circumstances.

Subjects: Mathematics.


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