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In intermediate microeconomics, risk behavior of individuals is an important concept in decision making under uncertainty. Risk aversion and risk neutrality represent two different attitudes of consumers toward risky situations. Risk-averse individuals prefer certainty over uncertainty even if the expected monetary value of the risky option is higher. They experience disutility from risk and are willing to pay to avoid uncertainty. For example, a risk-averse person may prefer receiving a guaranteed income of $100 rather than participating in a lottery where there is a 50% chance of ________ ________ __________ ___ _______ __________ ________ ____ ________ _________.
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