Question

Exercise 4 Consider ariom (1.4). It is often described as a continuitgy aziom. Explain why it is described that way. (Hint: Notice that if a 1 and b 0 (which are not permissible choices of a and b), then the conclusion SİTI!,pl:U Tel)exits the (1.SS11.T 11,pt.Z()TL

0 0
Add a comment Improve this question Transcribed image text
Answer #1

The continuity axiom is a part of game theory wherein A,B and C are any three lotteries and a person prefers A to B to C. The continuity axiom states that a unique probability exists where a person is indifferent between lottery of A with probability p and C with probability 1-p

Continuity does not permit a discontinuous jump in preferences over lotteries because of which this axiom is described as continuous.

It also implies that individuals make trade offs between goods and services as loss in one bundle can be compensated by gain in the other and there are no random jumps in preferences.

Add a comment
Know the answer?
Add Answer to:
Exercise 4 Consider ariom (1.4). It is often described as a continuitgy aziom. Explain why it...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Exercise 4 Consider ariom (1.4). It is often described as a continuity ariom. Explain why it...

    Exercise 4 Consider ariom (1.4). It is often described as a continuity ariom. Explain why it is described that way. (Hint: Notice that if a 1 and b 0 (which are not permissible choices of a and b), then the conclusion simply repeats the assumption.) (1.4) If a a' a", then there exist a and ό in (0,1) such that aa (1- a)a" a' ba +(1 -b)a".

  • 4.4.16. Consider two matrices Ayxn and Bmxk. (a) Explain why rank (A | B) = rank...

    4.4.16. Consider two matrices Ayxn and Bmxk. (a) Explain why rank (A | B) = rank (A) +rank (B) - dim (R(A) R(B)). Hint: Recall Exercise 4.2.9. (b) Now explain why dim N ( A B) = dim N (A)+dim N (B)+dim (RA) R (B)). (c) Determine dim (R(C) ON (C)) and dim (R(C) + N (C)) for -1 1 1 -2 1 -1 0 3 -4 2 C= -1 0 3 -5 3 -1 0 3 -6 4 1-1...

  • Explain why this is or is not a probability distribution        ×        1      2    3 4...

    Explain why this is or is not a probability distribution        ×        1      2    3 4    P(×)      0.4    0.3 0.3 0.0 Is this not a probability distribution since the probability add to 1.4, not 1 Explain why this is or is not a probability distribution X13 P(x) 0.4 0.3 0.3 0.0 No this is not a probability distribution sine the probability add to 1.4, not 1 Part 2 A USA Snapshot titled Are you getting a summer job? Interview...

  • 1. Consider the system described by: *(t) - 6 m (0) + veu(t): y(t) = 01...

    1. Consider the system described by: *(t) - 6 m (0) + veu(t): y(t) = 01 (1) 60 = {1, 1421 a) Find the state transition matrix and the impulse response matrix of the system. b) Determine whether the system is (i) completely state controllable, (ii) differentially control- lable, (iii) instantaneously controllable, (iv) stabilizable at time to = 0. c) Repeat part (b) for to = 1. d) Determine whether the system is (i) observable, (ii) differentially observable, (iii) instanta-...

  • 14) Explain why the following bar graph is misleading and how you would fix it. (Hint:...

    14) Explain why the following bar graph is misleading and how you would fix it. (Hint: Section. 2.3 #25) 3.00 52.50 $2 00 $1 50 51 08 MILK 51 00 0 10 Fal 2011 11) Histograms are very important to identify the 'shape' of a quantitative dataset. 4 A) Which histogram would be described as fairly bell-shaped? B) Which histogram would be described as fairly uniform? C) Which histogram would be described as skewed to the right or skewed positively?...

  • Consider the forced but undamped system described by the initial value problem 3cosuwt, (0) 0, (0...

    Consider the forced but undamped system described by the initial value problem 3cosuwt, (0) 0, (0 2 (a) Determine the natural frequency of the unforced system (b) Find the solution (t) forw1 (c) Plot the solution x(t) versus t for w = 0.7, 0.8, and 0.9. (Feel free to use technology. MatLab, Mathematica, etc.) Describe how the response (t) changes as w varies in this interval. What happens as w takes values closer and closer to 1? Briefly explain why...

  • please explain this in detail step by step for better understanding. Thank you! Math 2510 Take...

    please explain this in detail step by step for better understanding. Thank you! Math 2510 Take Home 1 4. Collisions. Consider two particles following the two planar paths r()= (sin (2r), cos (t) r,(f)(sin (t),cos (21) Notice, r(0) =(0,1)=r, (t) so the particles start at the same point. a) At how many points in the plane do their paths cross? Make a rough sketch showing the intersections. tl lon b) Find the first positive time of a collision. c) Use...

  • Why is C. 4? can you please explain why? Thank you!! 12. (6 points) Please consider...

    Why is C. 4? can you please explain why? Thank you!! 12. (6 points) Please consider the following molecule: Ilar. a. How many lone pairs does the molecule have? _ 2 b. How many pi bonds does the molecule have? __ c. How many of the carbon atoms can be described as sp hybridized?_

  • T 18. Broadway shows, part 4. Consider the coefficient of Playing Weeks in the regression table of Exercise 14. a) State the standard null and alternative hypotheses for the true coefficient of...

    T 18. Broadway shows, part 4. Consider the coefficient of Playing Weeks in the regression table of Exercise 14. a) State the standard null and alternative hypotheses for the true coefficient of Playing Weeks. b) Test the null hypothesis (at α = 0.05) and state your conclusion. c) A Broadway investor challenges your analysis. He points out that the scatterplot of Gross vs. Playing Weeks in Exercise 12 shows a strong relationship and claims that your result in part a...

  • 4. (4.5 pts) Consider a 3D electromagnetic plane wave in vacuum, described in usual complex form...

    4. (4.5 pts) Consider a 3D electromagnetic plane wave in vacuum, described in usual complex form by, (r, t) = Ēelkr-wt) in which ło = Epein/2y. Where k = -kx is the wave vector (assume k > 0) and w > 0 is the angular frequency. As usual, the real field is Er, t) = ReLEr, t)] (a) In which direction is the wave propagating? In terms of the given values k and w, what is the speed, wavelength, and...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT