Suppose that an individual is offered a bet: ($100,000, 0.50; $50,000, 0.50). Mankiw and Zeldes (1991) argue
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Suppose that an individual is offered a bet: ($100,000, 0.50; $50,000, 0.50). Mankiw and Zeldes (1991) argue that a person with a coefficient of relative risk aversion of 30 would be indifferent between this gamble and a certain consumption of $51,209. Give your comments on this claim.27
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