risk and uncertainty

This topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.

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September 25, 2017 at 6:03 am #408556
adarsh1997
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HI John!

What’s the difference between a payoff table and decision tree?
Both seemed to show possible outcomes for each decision.

Thanks.
September 25, 2017 at 7:53 am #408566
John Moffat
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A payoff table is a table showing all the possible outcomes.

A decision tree is a diagram showing everything that can happen simply to make it easier to sort out when there are many options.

I do through both in my lectures.s
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