Economists Say That the Value Function Is Risk Seeking in _____

question 6

Short Answer

Economists say that the value function is risk seeking in _____ and risk averse in _____.

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Definitions:

Variable-ratio

A schedule of reinforcement where a response is reinforced after an unpredictable number of responses, making it highly resistant to extinction.

Reinforcement

An operational technique used in behavior analysis to increase the frequency of a desired behavior by introducing a motivating item after the behavior is exhibited.

DRH Schedule

Differential Reinforcement of High Rates of behavior schedule; a reinforcement schedule in which a higher rate of a specific behavior is reinforced, encouraging the behavior to occur more frequently.

Reinforcer

Any stimulus that increases the likelihood of a preceding behavior being repeated.