Question: 3. Using the value function over gains and over losses: a. Design a simple gamble. Specify whether it is the gain frame or loss frame.

3. Using the value function over gains and over losses: a. Design a simple gamble. Specify whether it is the gain frame or loss frame. Clearly list the possible outcomes, the payout of each outcome, and the probability of each outcome (hint: have both of the outcomes be gains or have both be losses, this makes the calculation easier). b. Calculate the expected prospect theory value of taking the gamble. c. What is the \"certainty equivalent\" of the gamble? i.e., what is the for-sure amount at which you'd be indifferent between the for-sure amount and the gamble

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