Consider a lottery L1 = [0.5, A; 0.5, L2], where U(A) = 4, and L2 =...

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Consider a lottery L1 = [0.5, A; 0.5, L2], where U(A) = 4, and L2 = [0.5, X; 0.5, Y] is a lottery, and U(X) = 4, U(Y) = 8. What is the utility of the the first lottery, U(L1)? Consider a lottery L1 = [0.5, A; 0.5, L2], where U(A) = 4, and L2 = [0.5, X; 0.5, Y] is a lottery, and U(X) = 4, U(Y) = 8. What is the utility of the the first lottery, U(L1)?

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