### Explain why the axioms are important to decision analysis

Assignment Help Microeconomics
##### Reference no: EM131524494

Question: 1. In your own words, explain why the axioms that underlie expected utility are important to decision analysis.

2. From a decision-analysis perspective, why is it worthwhile to spend time studying the kinds of paradoxes described in this chapter?

3. Most people are learning constantly about themselves and their environment. Our tastes develop and change as our environment changes. As new technologies arise, new risks are discovered. What are the implications of this dynamic environment for decision analysis?

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