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Patrick Jones is interested in purchasing a 65" LED TV for his living room.Patrick knows that right now the TV will cost approximately $500.He is not sure he can afford this TV right now but is worried that if he waits,the cost of the TV will rise to $800.Which type of risk is Patrick worried about?
Social Choice
A theoretical framework for analysis of combining individual preferences, interests, or welfare to reach a collective decision or social welfare in a given society.
Aggregating
The process of combining multiple pieces of data or information into a single comprehensive whole.
Incentives
Refers to stimuli that motivate individuals or entities to perform certain actions or behaviors.
Majority Rule Voting
A voting system in which each member has one vote, and decisions are made by a majority of the votes cast, typically more than half.
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