A. Fox has just agreed to take part in an experiment, and he wins told by the organsbeers that he might receive $14 for his participation. Suppose Fox can choose whether to incorporate these $14 into his reference point. Calculate his utility with a reference point of $0 and a reference point of $14 if he receives $14 for his participation. Calculate his utility with a reference point of $0 and a reference point of $14 if he receives $0) for his participation. Which reference point vicks higher utility? Explain the intuition. Now suppose Fox has reference-dependent preferences over money and sticker. Let his Consumption in money and stickers bee, and e, mapactively, and let his reference points in money and sticker ber, and r, respectively. Then, Fox's utility is given by