Author Question: Faced with an uncertain situation, the best decision for a person obeying the von-Neumann ... (Read 148 times)

V@ndy87 · **on:** Jul 1, 2018

Faced with an uncertain situation, the best decision for a person obeying the von-Neumann Morgenstern axioms:
a. minimizes loss relative to the status quo.
b. minimizes variability across possible outcomes.
c. maximizes the expected payoff.
d. maximizes expected utility.

Question 2

The distinctive characteristic of an oligopolistic market structure is that there are recognizable interdependencies among the decisions of the firms.
a. true b. false