Then, the union will maximize its

expected payoff U:

Given this best response, however, the

expected payoff [[pi]*.

t]), the objective function of the above program gives the firm's total

expected payoff and the left-hand side of IR gives the worker's total expected utility.

P]), and using the probability of failure contingent on a choice of the firm, [pi] (X), to calculate their

expected payoffs.

First, if the Fund is senior the payoffs are those shown in Table 1, where F still denotes the face value (interest included) of the Fund's claim from which the

expected payoffs of the Fund and of private lenders can be computed as follows:

This produces an

expected payoff structure to the equity of the firms involved similar to the earlier case and, by adding the alternative acquirer's options, I produce a set of counterfactual restrictions analogous to the real set.

The next corollary gives the employees'

expected payoff under congruent councilors.

and the

expected payoff of selecting low price strategy can be expressed as following:

If C1 denotes the

expected payoff at time period 1 (one year from today], then:

During that same period, the cost of obtaining a college degree--both for individual students and for taxpayers--grew much faster than the

expected payoff.

1) Most of this literature concerns information that has bilateral payoff relevance in the sense that the information in question affects the

expected payoff at trial of both the plaintiff and defendant.

A subject acting as risk neutral would always choose the option with the highest

expected payoff.