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1. Jane is on a game show called Walk, Roll or Flip. She has the choice between taking a certain S50 (Walk) or taking one of the following two gambles: (i) she rolls a six sided dice twice and receives $300 if the same number faces up each time, $900 if the sum of the two numbers facing up is 3, S450 if the sum of the two numbers is 8, and $0 otherwise. (ii) she flips a fair coin 4 times and receives $100 if the same side of the coin appears in each of the four flips, $25 if heads appears 3 times and tails appears once, and SO otherwise. Suppose Janes utility function is U(M)-M05, where M is her winnings on the game show. (a) Which of her three options will Jane choose? (b) If Jane were risk neutral, which of her three options would she choose?

math   Statistics-And-Probability   
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Case : Walk Case 2: gamkle li) (2)3,3) 1,2) (2,1 36 450 w> 24136.21 3 3 6 Cas 3 ma (i otherwise i.e. w.b. 1% 6:78 4 12.5 f 6,18 34 -t-4S000-t .28125. 88125 = 1406.25

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