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Chapter 12: Probable Value
https://doi.org/10.1142/9789813145313_0012Cited by:0 (Source: Crossref)
Abstract:
For a certain problem, we may come up with several plausible solutions. Which path should we take? Each path would only have certain chance or probability of success in resolving the problem. If each path or solution has a different reward, we can define the probable value of each path to be the multiplication of the reward by the probability. We should, most likely, choose the path that has the highest probable value. (The term “probable value” is coined by us. The idea is appropriated from the term “expected value” in Statistics. In this sense, expected value can be considered as the sum of all probable values.).
