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You have a utility function given as U ( W ) = W 0 . 4 where W is your wealth. Your starting wealth is
You have a utility function given as where is your wealth. Your starting wealth is $ and you have just been gifted a ticket that has a chance of winning $ and otherwise paying $ How much would you sell your ticket for? A Dollars B Cents C Cents D Cents E it's practically worthless since it will pay so infrequently.
You have a utility function given as where is your wealth. Your starting wealth is $ and you have just been gifted a ticket that has a chance of winning $ and otherwise paying $ How much would you sell your ticket for?
A Dollars
B Cents
C Cents
D Cents
E it's practically worthless since it will pay so infrequently.
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