Suppose Chris Moneymaker has the following preferences over income:

Chris has $6 in income. Consider the following scenario. He can either keep his $6 or opt to take a gamble where he either wins $4 with probability 1/3 or loses $2 with probability equal to 2/3. Please answer the following questions.

1. Is Chris either risk averse, risk loving, or risk neutral? Support your assertion (2 points)

2. Is this a fair gamble? Support your assertion. (2 points)

3. Does he take the gamble? If he does take the gamble, then what is the minimum amount you would have to pay him to refuse the gamble?