New information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities is known as <u>SAMPLE INFORMATION</u>.
Hence, <u>2nd option</u> is the best choice.
A statistical concept called joint probability determines the chance that two events will occur simultaneously and at the same time.
A sample is a collection of people, things, or things used in the study that is taken for analysis from a wider population. To enable us to extrapolate the study sample's findings to the entire population, the sample must be representative of the population. Sample information is the collection of the information of the sample.
The possibility of an event or outcome happening contingent on the occurrence of a prior event or outcome is known as conditional probability. The probability of the prior event is multiplied by the current likelihood of the subsequent, or conditional, occurrence to determine the conditional probability.
The expected utility of a course of action is a weighted average of the utilities of each of its potential outcomes, where the utility of a potential result indicates how much it is preferred to the alternatives.
In the question, we are asked what will be the new information obtained through research or experimentation that enables an updating or revision of the state-of-nature probabilities called.
As we are to name the information, it will be called sample information, from the above-discussed points.
Learn more about sample information at
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