Economics · Decision Making Under Uncertainty

Which of the following statements are true if expected values are used to assist in decision-making regarding a large number of repetitive outcomes? A. It represents a defensive and conservative approach to decision-making. B. Expected values ignore any variability which could occur across the range of possible outcomes. C. Expected values do not take into account the likelihood of different outcomes occurring. D. Expected values can be successfully applied when evaluating a decision that occurs many times over.