One reason individuals are willing to pay for information in uncertain situations is that information:
A) can reduce uncertainty.
B) is a way to diversify.
C) is a method of insurance.
D) is a method of self-insurance.
E) always reduces the difference between the probabilities of possible outcomes.

Question

Quizplus · Accepted Answer

Individuals are willing to pay for information in uncertain situations because it can reduce uncertainty. With more information, individuals can make more informed decisions and are less likely to face unexpected outcomes. The other options may also be benefits of obtaining information, but they do not directly address the main reason for paying for information in uncertain situations.

One Reason Individuals Are Willing to Pay for Information in Uncertain