Question: Caspar provided a hypothetical game which offered a positive expected payoff. He related this to poker and other decisions under uncertainty. What are the key

  • Caspar provided a hypothetical game which offered a positive expected payoff. He related this to poker and other decisions under uncertainty. What are the key takeaways from this example and how could it be applied to business? (https://www.youtube.com/watch?v=kKy26jP7jUc)
  • Should all decisions under uncertainty be based on expected value? Why or why not?
  • One strategy for forecasting was to provide a possible range (Example of economic forecast). What are the benefits to doing this?

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