According to the ________________ model,expected utility is equal to the sum of the probability times the utility of each possible outcome.

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The expected utility model states that individuals make their decisions based on the expected utility of each possible outcome. This means that individuals weigh the probability of each outcome against the utility (or value) they associate with it. By summing up the probability-weighted utilities of each outcome, individuals arrive at their expected utility. Therefore, the best choice is to choose the option with the highest expected utility.

According to the ________________ Model,expected Utility Is Equal to the Sum