What is the distinction between expected wealth and expected utility?
What will be an ideal response?
Expected wealth is the money value of what a person expects to own at a point in time. Expected utility is the utility value of what a person expects to own at a point in time. These concepts both measure the value of what a person expects to own at a point in time but they differ because expected wealth is the money value and expected utility is the utility value.
You might also like to view...
The employment-to-population ratio is defined as
A) total employment divided by labor hours then multiplied by 100. B) the labor force divided by the working-age population then multiplied by 100. C) total employment divided by the labor force then multiplied by 100. D) total employment divided by the working-age population then multiplied by 100.
Why is income and wealth typically used as a measure of the "distribution of economic well being" rather than utility
What will be an ideal response?