Examlex
Which of the following word origins means rib?
Expected Utility Function
A concept in economics that quantifies an individual's preference for different outcomes, accounting for risk and uncertainty.
Probability
A numeric expression ranging between 0 and 1 that signifies the chances of an event's occurrence.
Utility
The total satisfaction received from consuming a good or service.
Expected Utility Maximizer
An economic agent who selects the option that maximizes the anticipated utility, based on certain probabilities and outcomes.
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