Caspar provided a hypothetical game which offered a positive expected payoff He related this to poker and other decisions under uncertainty What did you take away from this example and how could it be applied to business Should all decisions under uncertainty be based on expected value Explain One strategy for forecasting was to provide a possible range (Example of economic forecast) What are the benefits to doing this

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

Caspar provided a hypothetical game which offered a positive expected payoff. He related this to poker and other decisions under uncertainty. What did you take away from this example and how could it be applied to business?
Should all decisions under uncertainty be based on expected value? Explain.
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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