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Lottery Ticket
A slip of paper or card used to participate in a lottery game, where winners are typically selected by a random draw.
Risk Averse
A preference for certainty over uncertainty with regards to outcomes, particularly in the context of financial decisions.
Probability
A measure of the likelihood of a particular event occurring, ranging from 0 (impossible) to 1 (certain).
Expected Utility Function
A theoretical concept used in economics to model the decision-making process under uncertainty, where individuals choose actions to maximize their expected utility.
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