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Utility functions need not relate to dollar values. Here’s a problem in which we know little about 5 abstract outcomes.

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Utility functions need not relate to dollar values. Here’s a problem in which we know little about 5 abstract outcomes. What is important however is that a person who does know what A to E represent should be able to compare the outcomes using the lottery procedures we have studied.A decision maker faces a risky gamble in which she may obtain 1 of 5 outcomes. Label the outcomes A B C D and E.A is most preferred E is least preferred. She has made the following 3 assessments: She’s is indifferent between having C for sure or a lottery in which she wins A with probability of 0.5 or E with probability 0.5.She is indifferent between having B for sure or a lottery in which she wins A with probability 0.4 or C with probability 0.6.She is indifferent between these 2 lotteries:o 50% chance at B and 50% chance at Do 50% chance at A and 50% chance at EWhat are U(A) U(B) U(C) U(D) and U(E)?

 
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