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Course Description

Decisions often arise as opportunities that may or may not be worth it. Usually these are novel situations, and the tendency is to take your best guess, often erring on the side of what seems like the conservative choice. But when you consider the potential costs of not taking an opportunity that may have a significant payoff, it becomes less clear what the conservative option is. In this lesson, you will see how a simple decision rule could be extended to describe a sequence of go/no-go decisions, where payouts change with subsequent decisions. This involves calculating expected values of uncertain outcomes and calculating payouts in incremental steps.

Benefits to the Learner

  • Examine how the expected value of future uncertain events can help you make decisions when faced with uncertainty
  • Consider how a single decision rule can help you decide when to continue with a decision, and how this simple decision rule could be extended to describe a sequence of go/no-go decisions
  • Explore a different kind of sequential decision making in which the uncertainty from earlier decisions is realized before having to make later decisions
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Type
self-paced (non-instructor led)
Dates
Feb 19, 2019 to Dec 31, 2030
Total Number of Hours
1.0
Course Fee(s)
Regular Price $0.00
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