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Business, 19.01.2021 18:50 xxaurorabluexx

Pierce has a concave utility of wealth function, u(x). Pierce prefers prospect X to prospect Y. Which of the following statements is therefore necessarily true for Pierce?
a. CE(X) > CE(Y).
b. EU(X) > EU(Y)
c. U^-1 (EU(X)) > U^-1 (EU(Y))
d. All of the above.

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