Chris considers four used cars before buying the one with maximum
expected utility. Pat considers ten cars and does the same. All other
things being equal, which one is more likely to have the better car?
Which is more likely to be disappointed with their car’s quality? By how
much (in terms of standard deviations of expected quality)?
Chris considers four used cars before buying the one with maximum expected utility. Pat considers ten cars and does the same. All other things being equal, which one is more likely to have the better car? Which is more likely to be disappointed with their car’s quality? By how much (in terms of standard deviations of expected quality)?