Question: Consider a person who maximizes expected value except that he has probability weightingspecifically, he replaces probability p with decision weight (p). If this person is

Consider a person who maximizes expected value except that he has probability weightingspecifically, he replaces probability p with decision weight (p). If this person is willing to pay $8 for a lottery ticket with a 3% chance to win $200, what can we infer about his (p)? A. His (3%) = 8% B. His (8%) = 3% C. His (3%) = 4% D. His (8%) = 6%

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