Preference ordering for monetary lotteries

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A decision-maker expresses the following preference ordering for monetary lotteries

[$600] > [$400] > 0.90[$600] + 0.10[$0]
> 0.20[$600] + 0.80[$0]
> 0.25[$400] + 0.75[$0] > [$0].

Are these preferences consistent with any state-independent utility for money? If so, show a utility function that applies. If not, show an axiom that this preference ordering violates.

Reference no: EM131329608

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