When a choice is being considered, the _____ of that choice is the weighted average of the different utility levels associated with each possible outcome, weighted by the probability that outcome occurs.

Question

Quizplus · Accepted Answer

Expected utility is the concept used to describe the weighted average of the utility levels of all possible outcomes of a choice, with each outcome's utility weighted by the probability of that outcome occurring.

When a Choice Is Being Considered, the _____ of That