Economics · Consumer Choice under Uncertainty
The Von Neumann–Morgenstern expected utility theorem requires preferences over lotteries to satisfy which key axiom?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Continuity only
- 2Transitivity only
- 3Independence axiom✓
- 4Completeness only
Correct answer
Independence axiom
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