New answers tagged uncertainty
-1
Yes. See for example this passage from Choice under Uncertainty by Jonathan Levin:
2.1 Prizes and Lotteries
The starting point for the model is a set $X$ of possible prizes or consequences. In many economic problems (and for much of this class), $X$ will be a set of monetary payoffs. But it need not be. If we are considering who will win Big Game this year,...
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