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We all live in an uncertain world, how to model uncertainty in economic problems? We learn this in these two videos. In the first video, an introduction to expected utility theory is given, whereby with the help of a numerical example, expected value of a gamble and expected utility are found.
In the second video, using different utility functions over wealth, it is shown that a person can be risk lover, risk averse and risk neutral.
Introduction to Uncertainity
Risk aversion, risk loving and risk neutrality with different utility functions
