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You have initial wealth of $500 and are offered the following gamble. You flip a coin and if you get heads, you win $1000. If you get tails you lose $500.
a. What is the expected value of the gamble?
b. You have utility in the form of U = M1/2 with initial wealth of $500. What is the expected utility of the gamble? Should you take the gamble?
c. Why would a person with risk neutral preferences always take this gamble?
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lori is a student who teaches golf on the weekend and in a year earns $40,000 in fees after paying her taxes. How much did Lori save in 2009 and what is here wealth at the end of 2009?
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