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3. Richard's preferences over chocolate, c, and money, m, can be represented by the utility function u(c, m) = c+ 5m + u(c-rc) + 5u(m

3. Richard's preferences over chocolate, c, and money, m, can be represented by the utility function u(c, m) = c+ 5m + u(c-rc) + 5u(m -I'm) where re is his chocolate reference point, I'm is his money reference point, and M( 2) = Z , if z 2 0 3z if z

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