Question: A risk-averse agent: a) only caes about expected payoff. b) cares about expected payoff, as well as the variability of a payoff. c) only cares

A risk-averse agent:
a) only caes about expected payoff.
b) cares about expected payoff, as well as the variability of a payoff.
c) only cares about the variability of a payoff.
d) always prefers a certain payoff to a risk one.
What is the correct answer ?

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