Chapter 20 - An introduction to decision theory. When you have completed this chapter, you will be able to: Define the terms state of nature, event, decision alternative, and payoff; organize information in a payoff table or a decision tree; find the expected payoff of a decision alternative; compute opportunity loss and expected opportunity loss; assess the expected value of information. | Lecture Statistical techniques in business and economics (14/e): Chapter 20 - Lind, Marchal, Wathen
