payoff table (Actions and circumstances)

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  • Profile photo of devilzzz
    devilzzz
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    Respected Sir, i want to ask before making payoff tables how to identify actions and circumstances ??? plz reply thanx


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    sefiller
    Participant
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    Actions are those that you can choose and depend on you. It is your choice to follow one or another action. But circumstances occur out of your control. You can not choose them


    Profile photo of John Moffat
    John Moffat
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    sefiller is correct, although it is not always obvious immediately which is which from the question.
    The best way of being certain is to do two things:
    first – read the requirements in full, because one of the parts of the question will be asking you for a decision. Whatever you are asked to decide on is the action (for example: What price should we charge?

    second – look for probabilities in the question. Whatever you are given probabilities for is the uncertain item


    Profile photo of devilzzz
    devilzzz
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    Thank you very much sir and sefiller :)


    Profile photo of John Moffat
    John Moffat
    Keymaster
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    You are welcome.

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