Question: substituting an expected value for a random variable Suppose we want to maximize the expeeted value of f(z) = 8z - Z2, over z ~

substituting an expected value for a random variable Suppose we want to maximize the expeeted value of f(z) = 8z - Z2, over z ~ 0, where 8 is a random variable. We now refrarne this by substituting the random variable's expecte

What happens to the transparent substitution when risk aversion is present?

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