152 M. F. M. Osborne Evidently decision problems can be much more complicated than this xample They may involve several alternatives and sequences of de cisions in which the estimate of the probabilities and payoffs (the ys) are interrelated The general approach is the same to maximize-using 995 8 90 98 08-06-04-020+02+4+06+08 △ LOG. F=LOGe -50 十50 100 scAle ng 8 Cumulated dis cons of Alog P=log[P(t+r)/P(t)l for r=l Data from NYSE Year Book, 1956, an the given nformation, estimates of probabilties, payoffs, and restraints- the expectation value of the end result In view of our previous remarks we might illustrate the above example with a stock - market decision a trader has sufficent capital to bi hundred shares of a corporation, now(time t) sellIng at Po(t) He wIshes to ncrease his capital and can choose between A, buying for future sale at some time t+T, or not buying, b The Y's refer to possable changes In