Question: a. Define risk utility. How can we categorize people as risk-averse, risk-seeking or risk neutral on the basis of risk utility. b. Explain how risk

a. Define risk utility. How can we categorize people as risk-averse, risk-seeking or risk neutral on the basis of risk utility. b. Explain how risk quantification can be done using the probability/impact matrices. Draw a sample probability/impact matrix to illustrate the concept

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