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What are incentive contracts? Explain why and when a buyer writes an incentive contract.
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.
Expected Total Utility
The sum of satisfaction or benefit that an individual expects to receive from consuming goods or services.
Probability
A measure of the likelihood of a particular event occurring, often expressed as a fraction or percentage.
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