Question: Please answer this qurstion Thank you Question 2 Suppose there are three possible outcomes (Lt, y, and z). A decision maker strictly prefers a lottery

Please answer this qurstionThank you Question 2 Suppose there are three

Please answer this qurstion

Thank you

Question 2 Suppose there are three possible outcomes (Lt, y, and z). A decision maker strictly prefers a lottery 19 over lottery (1 (that is, p > q) if and only if pm > qm or [pm = qr and pg > qty]- In other words, the decision maker's rst priority is to maximize the probability of outcome :13. If 12m = qm, the tie is broken by comparing py and qy. (3.) Give an example of a \"real life\" situation Where you might expect someone to have these preferences. (b) Show that these preferences are complete, transitive, and satisfy the Independence ax- iom. (0) Do these preferences satisfy the Continuity axiom

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