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Consider a game where, for $25 paid in advance, you can throw a die and collect $10 if an odd number shows up and $40 if the number is even. This is a fair game because the cost of the game is equal to the expected value of payoff. A person who rejects to play such a a game is called risk-averse. a) What kind of untility function would you use to characterize such a person? b) Using the die-throwing game, decribe the relationship between U($25) and expected utility from playing
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