Suppose exercising is associated with utility on the day you exercise and on the day after. Suppose it gives you a utility of -6 utils on the day you exercise and a utility of 8 utils the following day. a. If you are present biased with delta = 1 and beta = .5, would you exercise today? With present bias, your utility would be calculated as: Today = -6 + 1 * .5 * 8 = -6 + 4 = -2 No, you would not because you have negative utility overall b. Do you want yourself to exercise tomorrow? c. If you are nave, what do you believe that you will do tomorrow? d. What would your beta need to be in order for you to exercise today? e. Assume your beta is fixed at .5, and the utility you get on the day after you exercise is still 8 utils. What would the utils need to be on the day you exercise to get you to exercise today? f. Let's say that you are partially nave (your true beta is .5, but you think it is .6 in the future), do you think you will exercise tomorrow