It's difficult to set up the formula for me, it would be helpful if tutor can help me out.

1. Jim Corp. has a brilliant invention but noone's quite sure if it's going to work out. Jim Corp. creates an asset with price p that pays $1000 if the invention succeeds and $0 if the invention fails. Say that a DM is a Maxmin Expected Utility maximizer who has a Bernoulli utility function Mm) = a: where :1: is cash and believes that the probability of success is somewhere between $ and %. The DM can buy the asset (pay 13 and receive $1000 in the success case) or short sell it (receive 33 and pay $1000 in the success case). For what prices will the DM want to neither sell nor buy this asset? Why is it that this kind of thing can happen with Maxmin Expected Utility? What behavioral phenomenon is Maxmin Expected Utility particularly tailored to rationalize