​Someone Who Values a Lottery at Less Than the Expected

question 32

Multiple Choice

​Someone who values a lottery at less than the expected value is

• A)​a risk lover
• B)risk neutral
• C)risk averse
• D)​one who tends to play lots of lotteries

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Definitions:

Ecological Fallacy

The error of assuming that relations observed for groups necessarily hold for individuals within those groups.

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

Culture

The collective norms, values, beliefs, and behaviors that define an organization and influence its members' interactions and decision-making.

Tight Culture

A culture that has rigid social norms and that expects members to conform with them.