vNM expected utility theory

The von Neumann-Morgenstern (vNM) expected utility theory is a cornerstone in microeconomic analysis, particularly in the study of decision-making under uncertainty. The theory provides a framework for understanding how rational individuals make choices when faced with uncertain outcomes. According to vNM theory, a decision-maker’s preferences over ______ _______ ________ ________ ______ _______ _________.
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