Lottery

Reference work entry
DOI: https://doi.org/10.1007/1-4020-0611-X_563

In utility theory and decision analysis, a lottery consists of a finite number of alternatives of prizes A1... An and a chance mechanism such that prize Ai will be an outcome of the random experiment with probability pi ≧ 0, Σipi = 1.  Decision analysis;  Utility theory.

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