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Expected utility theory is a fundamental concept in financial economics that provides a framework for understanding how individuals make choices under uncertainty. It assumes that when faced with risky decisions, individuals do not merely consider the potential outcomes, but also weigh these outcomes according to the utility or satisfaction they derive from them. The core idea is that people act to maximize their expected utility rather than expected monetary value, reflecting the fact that risk preferences and attitudes _______ ________ ___ ________ _______ ___ _______ _____.
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