Select the least accurate statement. The expected monetary value (EMV) criterion represents the long-run average of uncertain outcomes, so it should only be used for recurring decisions. For each possible decision and each possible outcome, the payoff table lists the associated monetary value. The certainty equivalent is the certain dollar amount a risk-averse decision maker would accept in order to avoid a gamble altogether. For a risk-averse decision maker, the certainty equivalent is less than the expected monetary value (EMV)