6. Choice Under Uncertainty Representing Uncertainty: Lotteries and Compound Lotteries b. Axioms of Expected Utility C. The Expected Utility Theory d. Empirical Challenges to Expected Utility Theory-the Paradox Business e. Application: Crime and punishment6. Choice Under Uncertainty a. Representing Uncertainty: Lotteries and Compound Lotteries b. Axioms of Expected Utility c. The Expected Utility Theory d. Empirical Challenges to Expected Utility Theory—the Paradox Business e. Application: Crime and punishment