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Let Z = (0,00) (interpreted as a set of non-negative monetary prizes). Suppose a decision maker is an expected-utility maximizer, described by a Bernoulli utility function u(z) = . (a) Compute the Arrow-Prat measure ofabsolute risk aversion 324(2) for any 2 E Z, and determine how TA(z) changes as 2 increases. From now on, consider also the lottery 1') which results in a prize to -l h with a probability of 50 percent and yields a prize of w h (where w > h > 0) otherwise. (b) Find 2(15) the certainty equivalent of 13. (c) Define the risk premium (,6) as the difference between the ex pectation of the lottery 15 and its certainty equivalent 2(15). That is, define = Egz 2'05). Verify if ,6 is positive. How does ,6 change as to increases? Discuss