Question: 3) Assess your own utility function in 3 different ways: a. Use the certainty equivalent approach to assess your utility function for wealth over

3) Assess your own utility function in 3 different ways: a. Use the certainty equivalent approach to assess your utility function for wealth over a range of $100 to $20,000: U(100) = U(20,000)= U(1000) U(2500)= U(5000)= U(9000) U (15000)= b. Use the probability equivalent approach to assess your utility function for wealth over a range of $100 to $20,000: U(1500) U(5500) U(9000) U(14500)= c. Plot the assessments from part a, and b on the same graph and compare them. Why do you think they differ? Can you identify any biases in your assessment process?

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