Consider a utility function U for which U (0) = 0 and U
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Consider a utility function U for which U (0) = 0 and U (100) = 1. Suppose that a person who has this utility function i
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Consider a utility function U for which U (0) = 0 and U (100) = 1. Suppose that a person who has this utility function is indifferent to either accepting a gamble from which his gain will be 0 dollars with probability 1/3 or 100 dollars with probability 2/3 or accepting 50 dollars as a sure thing. What is the value of U (50)?
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