Assess your own utility for different incremental amounts of money by running a series of preference tests
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Assess your own utility for different incremental amounts of money by running a series of preference tests between some definite amount M1 and a lottery [p, M2; (1—p), 0]. Choose different values of M1 and M2 vary p until you are in different between the two choices. Plot the resulting utility function.
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This is an interesting exercise to do in class Choose M 100 M 2 100 1000 ...View the full answer
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Related Book For
Artificial Intelligence A Modern Approach
ISBN: 978-0137903955
2nd Edition
Authors: Stuart J. Russell and Peter Norvig
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