Question: Consider a person who maximizes expected value except that: (i) he has loss aversion where losses are weighted twice as heavily as gains (i.e., =

Consider a person who maximizes expected value except that: (i) he has loss aversion where losses are weighted twice as heavily as gains (i.e., = 2), and (ii) he has probability weighting where (10%)=20% and (90%)=80%. Suppose this person is offered a bet that has a 10% chance to gain $1000 and a 90% chance to lose $100. What is the maximum amount the person would be willing to pay for this bet? Please enter a numerical value (without a "$") in the box below

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