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Question 2 - Compare and contrast the Ellsberg and the Allais paradoxes and explain why they are called paradoxes. Make sure that you answer explain

Question 2

- Compare and contrast the Ellsberg and the Allais paradoxes and explain

why they are called "paradoxes".

Make sure that you answer explain what the main differences and similarities between

the two paradoxes are; and how and why they challenge the Expected Utility Model.

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