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Authoritarian regimes sometimes allow a degree of rule of law in order to
Efficient Allocation
An economic condition where resources are distributed in a way that maximizes the welfare of society, ensuring that every good or service is produced up to the point where the last unit provides a benefit equal to the cost of producing it.
Risk
Uncertainty about future outcomes.
Risk-Averse
A description of an individual or organization that prefers to avoid uncertainty and is willing to sacrifice some potential gain to avoid risk.
Expected-Utility Maximizer
An economic concept referring to an individual who chooses between uncertain prospects by comparing their expected utilities.
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