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Manuel's preferences satisfy the axioms of the standard model. He strictly prefers Twix to KitKat. He is indifferent between Bet 1 and Bet 2 .

Manuel's preferences satisfy the axioms of the standard model. He strictly prefers Twix to KitKat. He is indifferent between Bet1 and Bet2. He is indifferent between Bet3 and Bet4. He is indifferent between Bet5 and Bet6.

UMich

MSU

Other

Bet1

Twix

KitKat

KitKat

Bet2

Kit Kat

Twix

KitKat

Bet3

Twix

Twix

KitKat

Bet4

Kit Kat

KitKat

Twix

Bet5

Snickers

Snickers

Snickers

Bet6

Twix

KitKat

Twix

Find a probability function (defined over {UM, MSU, Other}) and a utility function (defined over {Twix, KitKat, Snickers}) that together represent Manuel's preferences. Explain how you get your answer.

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