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5. Consider a scenario where there are four possible outcomes: 01, ..., 0 and the following lotteries: . p1; 01 with probability 0.2, 02 with

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5. Consider a scenario where there are four possible outcomes: 01, ..., 0 and the following lotteries: . p1; 01 with probability 0.2, 02 with probability 0.4, and 04 wit probability 0.4; . p2: 02 with probability 0.4, 03 with probability 0.2, and 04 wit probability 0.4; . p3: 01 with probability 0.4, 02 with probability 0.4, and 03 wit probability 0.2; . p4: 03 with probability 0.7 and 04 with probability 0.3; . p5: 02 with probability 0.7 and 04 with probability 0.3. Suppose we have observed the following choices made by the decision maker: . C({p1, p2, p3}) = P1; . C({p2, p3, P4}) = P2

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