Definition:Lottery/Probability Model

Definition

A probability model is a technique to model decisions under uncertainty.

In a probability model, a lottery is a probability distribution over a set of prizes.

Also see

• Definition:State-Variable Model

Sources

• 1965: A.M. Arthurs: Probability Theory ... (previous) ... (next): Chapter $2$: Probability and Discrete Sample Spaces: $2.1$ Introduction
• 1991: Roger B. Myerson: Game Theory ... (previous) ... (next): $1.2$ Basic Concepts of Decision Theory