This is important, but unfortunately for me many of the students will have spent a huge amount of time studying utility whereas many others will have never heard of it so I just end up saying if you know what utility is than the payoffs are utility if not than all you care about in life is getting the highest payoff and the payoff might include stuff other than money.
This is important, but unfortunately for me many of the students will have spent a huge amount of time studying utility whereas many others will have never heard of it so I just end up saying if you know what utility is than the payoffs are utility if not than all you care about in life is getting the highest payoff and the payoff might include stuff other than money.