Economics · Risk and Decision Making
Which of the following statements regarding risk and uncertainty in decision making is/are true? (1) Decision trees can be used to generate perfect information relating to a sequence of decisions and outcomes. (2) The maximin approach to decision making is best suited to risk-averse decision-makers. (3) Simulation models assign probability distributions to large numbers of project variables and use random number generators to estimate a probability distribution of outcomes for the project.
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