1. Projection bias Chris is deciding if he should buy a season pass for the theater next season. However, he doesn't know the quality of the shows that are coming. If the shows are great, which happens with probability .3, he will receive a utility of 10. If the shows are good, which happens with probability .5, Chris receives a utility of 5. Otherwise, the shows are mediocre with probability .2 and he will receive a utility of 2. It costs 6 utils to purchase the tickets. (a) Should Chris purchase the tickets if he is rational? Why or why not? [5 pts] (b) Now suppose that the current season of shows is great. How large does Chris's projection bias have to be to make him want to purchase the tickets? Write 1 sentence to explain why your answer makes sense. [10 pts] (c) Give 1 example of how the theater company can ensure Chris purchases the tickets if he has projection bias. [5 pts]