Rick Highly Values Personal Wealth and He Does Little to Help

question 42

Multiple Choice

Rick highly values personal wealth and he does little to help the environment.It is likely that Rick is high in _________ values.

• A) egocentric.
• B) biocentric.
• C) ecocentric.
• D) geocentric.

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Definitions:

Expected Utility Function

A concept in economics that represents an individual's preference for certain outcomes over others, calculated as a weighted average of the utility of all possible outcomes, based on their probabilities.

Utility Function

In economics, a mathematical representation that ranks individuals' preferences over sets of goods and services, indicating the level of satisfaction or utility they obtain.

Risk Neutral

A risk neutral person or entity is indifferent between choices with different levels of risk, focusing solely on the expected outcome without concern for the variability of returns.

Risk Averse

Personality or preference indicating a tendency to avoid taking risks, preferring certainty or less risky options.