1. Dean can take the following gamble a 50% chance of winning 110 and a 50% chance of losing 100. Assume his preferences can be represented by the following utility function: U(W) = W². He also has a lifetime wealth of 200.
   1. Calculate the expected value and expected utility of the gamble showing all of your workings.
   2. Calculate the certainty equivalent and risk premium of the gamble showing all of your workings.
   3. Draw a utility function diagram to illustrate all of your answers to parts (a) and (b) of the question.
   4. Compare and contrast Dean and Roberts preferences.