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A define each of the concepts risk and ambiguity sometimes

Risk versus ambiguity

a. Define each of the concepts risk and ambiguity (sometimes called Knightian uncertainty).

b. Provide a simple example that incorporates risk in monetary payoffs but not ambiguity.

c. Describe a situation from real life (not an experiment) that incorporates both risk and ambiguity.

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Finance Basics: A define each of the concepts risk and ambiguity sometimes

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Finance Basics: A define each of the concepts risk and ambiguity sometimes

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