Explain why the indifference curves in a probability triangle diagram are straight lines if preferences satisfy expected
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Explain why the indifference curves in a probability triangle diagram are straight lines if preferences satisfy expected utility theory. [Hint: we can write the expected utility of a prospect as U(x) = p1u(x1) + (1 − p2 − p3) u (x2) + p3u(x3).]
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