Explain what it means that the preference relation has a, Ask an Expert

Economics

Choice under uncertainty

(a)describe what it means that a consumer has preferences over lotteries (in particular, define lotteries).

(b)describe what it means that the preference relation has a utility function representation, and define the notion of a von Neumann-Morgenstern utility function.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M927873

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