Multiple Choice
Which of the following statements describes the substitutability axiom?
A) The probabilities of two gambles can be interchanged if they are related to each other.
B) All sorts of gambles can be interchanged without value exchanges.
C) Gambles that have prizes about which people are indifferent are interchangeable.
D) If x is preferred to y, then x must be preferred to any probability mixture of x and y.
Correct Answer:

Verified
Correct Answer:
Verified
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