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A parent brings his 15-month-old to the pediatrician's office for her first shot.The child is happy and playful right up until the time the shot is injected.Now,every time the child sees someone in a white lab coat,she cries in terror.The injection in this scenario served as the
Probability
The likelihood or chance of an event occurring.
Expected Utility
A theory in economics that explains how people make decisions under uncertainty, based on the anticipated satisfaction or utility from outcomes.
Risk-averse
A description of an individual or entity that prefers to avoid risk, often opting for the less risky of available options.
Probability
A measure of the likelihood or chance that a particular event will occur, expressed as a number between 0 and 1.
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