During the spring, theUniversity of Southern Californias star wide receiver, Dallas Catchings, decided to play for the
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During the spring, theUniversity of Southern California’s star wide receiver, Dallas Catchings, decided to play for the Trojans during the 2009 season and then head for the fame and fortune of the NFL. If he does not suffer a serious injury, his wealth will be $15 million, but if he does suffer a serious injury, his wealth will be zero. If the probability of a serious injury is 0.10,
a. what is his expected wealth?
b. if he is risk neutral, will he buy insurance? Explain your reasoning.
c. if he is risk averse, will he buy insurance? Explain your reasoning.
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