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Risk exists when

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Risk exists when

a. all possible outcomes are known but probabilities can't be assigned to the outcomes.

b. all possible outcomes are known and probabilities can be assigned to each.

c. all possible outcomes are known but only objective probabilities can be assigned to each.

d. future events can influence the payoffs but the decision maker has some control over their probabilities.

e. c and d

Reference no: EM13696602

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