Encyclopedia of Operations Research and Management Science

2013 Edition
| Editors: Saul I. Gass, Michael C. Fu


Reference work entry
DOI: https://doi.org/10.1007/978-1-4419-1153-7_200420

In utility theory and decision analysis, a lottery consists of a finite number of alternatives of prizes A1An and a chance mechanism such that prize Ai will be an outcome of the random experiment with probability pi ≥ 0, Σipi = 1.


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© Springer Science+Business Media New York 2013