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Three decision makers have assessed utilities for the problem in the following payoff table. ( a ) Plot the utility function for each decision maker.
Three decision makers have assessed utilities for the problem in the following payoff table.
a Plot the utility function for each decision maker. A payoff of was assigned a utility of and a payoff of was assigned a utility of
b Characterize each decision maker's attitude toward risk.
Decision maker A would best be described as
c Using the expected utility criterion which decision will each person prefer?
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