Briefly discuss expected utility theory of decision-making

The Expected Utility Theory is a prominent framework in the field of decision-making under uncertainty, commonly used in economics and behavioral economics. It was developed by Daniel Bernoulli in the 18th century and later expanded upon by John von Neumann and Oskar Morgenstern in the 20th century. This theory aims to explain how individuals make choices when facing uncertain outcomes.

Key points of the Expected Utility Theory include:

1. Utility: It introduces the concept of "utility" as a measure of an individual's satisfaction or preference for different outcomes. Utility ______ _________ ___ ________ ____ _________ ________ _______ ______ _______ __________ ________.
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