Economics · Consumer Behaviour under Uncertainty
In a situation of decision-making under uncertainty, if a consumer faces equal expected income from two alternatives, then s/he will make a decision on the basis of:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Expected utility of both the alternatives
- 2Probability of risk attached with each alternative
- 3Variance or variation of risk attached with each alternative✓
- 4Mean of risk of each alternative
Correct answer
Variance or variation of risk attached with each alternative
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