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Decision tree

A graphical representation of the choices in a decision-making process. A tree is composed of nodes, branches, and endpoints. Each node represents a point at which a decision has to be taken. The branches emanating from nodes are the alternatives from which a choice can be selected. Each endpoint of the tree has an associated value which is the pay-off from reaching that endpoint.

Reference: Oxford Press Dictonary of Economics, 5th edt.