Expected utility, cont. Suppose instead that your utility func tion is u(x) 5 x2. (a) What is
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Expected utility, cont. Suppose instead that your utility func tion is u(x) 5 x2.
(a) What is the expected utility of rejecting the gamble?
(b) What is the expected utility of accepting the gamble?
(c) What should you do? When the curve bends upwards as you move from left to right, like the utility function u(x) 5 x2 does, the curve is said to be convex.
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