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The idea of dominance criteria and risk aversion come together in an interesting way leading to...

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General Management

The idea of dominance criteria and risk aversion come togetherin an interesting way leading to a different kind of dominance. Iftwo risky gambles have the same expected payoff, on what basismight a risk-averse individual choose between them withoutperforming a complete utility analysis?

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Individuals choice toward risk differs to a great extent for instance those who seek to lessen risk are called risk averter whereas people who prefer risk are called risk seekers however its noteworthy to remember that these diverse kind of risk preferences to a great extent depends on an individuals marginal utility    See Answer
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