Question: An individual has the following utility function: u(w) = w.5 where w = wealth. a. Using expected utility, order the following prospects in terms of

An individual has the following utility function: u(w) = w.5 where w = wealth.
a. Using expected utility, order the following prospects in terms of preference, from the most to the least preferred:
b. What is the certainty equivalent for prospect P2?
c. Without doing any calculations, would the certainty equivalent for prospect P1 be larger or smaller? Why?

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