risk attitude.

For example, imagine you're offered a choice between receiving $50 for sure, or flipping a coin to win $100 if heads, and nothing if tails. Although both options have the same average payoff ($50), many people choose the guaranteed $50 because they value the certainty of the smaller reward more than the possibility of a larger one, reflecting risk-averse preferences.

Standard utility functions represent ordinal preferences. The expected

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