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Katherine's new dentist plans to use hypnosis instead of anesthesia while he works on Katherine's teeth. Katherine asks you if she should go along with this or find another dentist. Based on research into the effects of hypnosis, you should tell her
Probability
A measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
Utility Function
Describes how a consumer ranks different baskets of goods based on the level of satisfaction or utility derived from them.
Expected Utility
A concept in economics that represents a consumer's preference for certain outcomes, quantified as the weighted average of utility over all possible outcomes.
Probability
The quantification of how probable it is for an event to take place, indicated by a value ranging from 0 to 1.
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