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5. Which of the following statements are true? Throughout X = {$1, 332} are the two possible outcomes and p= (191,192), q = (11, q2)
5. Which of the following statements are true? Throughout X = {$1, 332} are the two possible outcomes and p= (191,192), q = (11, q2) etc. denote lotteries. a. The representation U ( p) 2 xi\" x52 is consistent with the Expected Utility Hypoth- esis. b. U(p) 2 cc? $52 and W(p) = p1log(;v1) + p2 log(m2) represent the same preference relation on lotteries. c. U ( p) 2 p1 log(:c1) + 192 :62 is consistent with the Expected Utility Hypothesis. d. Part (c). Moreover, U(p) in Part (c) and W(p) =p1 log(:v1) +p2 log(:1:2) represent the same preferences, since log(:c2) is a positive monotone transform of 302. e. None of the above
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