Find preference of winning a with probability p

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Reference no: EM13112671

A, B, and C are three different prizes. Darryl is an expected utility maximizer who is indifferent between gambles i and ii:

i) winning A with probability p or else C with probability 1 - p

ii) B for sure

Which of the following preference orderings, if any, could characterize his preferences? Tell me any/all that apply, and explain how you know this.







Reference no: EM13112671

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