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The key economic difference between expected utility and expected value is that

jjqman1

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The key economic difference between expected utility and expected value is that

The key economic difference between expected utility and expected value is that

▸ expected value only considers the value of outcomes, whereas expected utility considers the tradeoff between value and risk.

▸ expected utility only considers the value of outcomes, whereas expected value considers the tradeoff between value and risk.

▸ expected utility is the maximum value obtained, whereas expect value is the mean of the values from a set of possible outcomes.

▸ None of these-the differences are mathematical, not economic.

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Managerial Economics and Strategy

Edition: 3^rd

Authors: Perloff, Brander

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This calls for a celebration Person Raising Both Hands in Celebration

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