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After each toss of the coin, one person has more money and one person has less. If the person with less money cares about relative
After each toss of the coin, one person has more money and one person has less. If the person with less money cares about relative rank and status, will he be willing to pay, say, $1 to reduce the other person's winnings by, say, 50 ? Will he be willing to pay 25 to reduce the other person's winnings by $1? Explain your answers.
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