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Instructions: Please define the following key terms.
-No man's land
Risk Aversion
A behavioral tendency to prefer avoiding losses over acquiring equivalent gains, indicating a preference for certainty and safety.
Certainty Effect
The tendency for people to give greater weight to outcomes that are certain, compared to outcomes that are probable, often observed in decision-making under uncertainty.
Definite Outcomes
A term used to describe results or consequences that are clear, predictable, and unambiguous.
Probabilities
The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
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