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12. Which of the following statements is necesarily fals for some given (non-degenerate) risk,y prospect, X? An individual with convex utility of wealth will have a grealer value of CIİX individual with concave utility of wealth? when utility of wealth is linear, the numeric value (ignoring units) of CE(X)-EV(X) is equivalent to the numeric value of EUX) - U(EV(X). a. than an b, 1S c. A doubling of all of Xs outcomes will result in a doubling of Xs expected value d. A doubling of all of Xs outcomes will result in a doubling of the variance of X.

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