Question: Define risk aversion in words without reference to probability distribution. If people are risk averse, why are lotteries so popular? Why are trips to Las

Define risk aversion in words without reference to probability distribution. If people are risk averse, why are lotteries so popular? Why are trips to Las Vegas popular?

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Define risk aversion in words without reference to probability distributions. If people are risk averse, why are lotteries so popular? Why are trips to Las Vegas popular?

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