Elucidate what it means that the preference relation

Reference no: EM1331545

Choice under uncertainty

(a) Explain what it means that a consumer has preferences over lotteries (in particular, define lotteries).

(b)Explain what it means that the preference relation has a utility function representation, and define the notion of a von Neumann-Morgenstern utility function.

Reference no: EM1331545

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