Examlex
According to Alfred Shultz, where do we spend everyday life?
Von Neumann-Morgenstern Utility Function
A mathematical model that represents an individual's preference structure in a way that allows for measurable utility and decision-making under uncertainty.
Expected Utility Maximizer
An economic agent who makes choices under uncertainty to maximize their expected satisfaction or utility.
Wealth
The abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions.
Risk Averter
An individual or entity that prefers to avoid risk, choosing options that have a more certain outcome even if it potentially means receiving lower returns.
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