Mathematics, 06.04.2021 04:10 nellymbh4227
Consider two lotteries. Lottery 1 gives $4000 with probability 0.8 and $3800 with probability 0.2. Lottery 2 gives $3800 for sure. (a) Show that according to the prospect theory, lottery 2 provides a higher utility than lottery 1. Explain why this prediction of the prospect theory is problematic. (b) Show that according to the cumulative prospect theory, lottery 1 has a higher utility than lottery 2
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Consider two lotteries. Lottery 1 gives $4000 with probability 0.8 and $3800 with probability 0.2. L...
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