What are three personal decision-making approaches

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1. A utility function relates the payoff of a decision with some measure of value or desirability known as the utility. Decision makers can be classified as risk averse, risk neutral and risk seekers based on their attitudes and preferences toward risk. How is the shape of the utility curve related to the attitude toward risk of decision makers? Explain.

2. What are the three personal decision-making approaches a manager may use? What are the characteristics of each?

Reference no: EM132104456

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