There is an individual with a well-behaved utility function (i.e., U' > 0 and U "

There is an individual with a well-behaved utility function (i.e., U' > 0 and U" < 0), and initial wealth Y. Let a lottery offer a payoff of G with probability IT and a payoff of B with probability (1 - IT). a) (5 marks) Ifthe individual already owns this lottery, denote the minimum price he would sell it for by ps. Write down the expression ps has to satisfy.