45 Replace all monetary values in Problem 44 with the following utilities: MONETARY VALUE UTILITY $100,000 1.00

Question:

45 Replace all monetary values in Problem 44 with the following utilities:

MONETARY VALUE UTILITY

$100,000 1.00

$ 80,000 0.40

$ 0 0.20

−$ 20,000 0.10

−$ 80,000 0.05

−$100,000 0.00

(a) What do you recommend, based on expected utility?

(b) Is the investor a risk seeker or a risk avoider?

Justify your answer.

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