Question: Problem 4(20) - You are to state your preferences over collection of car lotteries. The prizes include GM, the BMW and Tesla. Your preferences of

Problem 4(20) - You are to state your preferences over collection

Problem 4(20) - You are to state your preferences over collection of car lotteries. The prizes include GM, the BMW and Tesla. Your preferences of these lotteries satisfy the von Neumann- Morgenstern axioms. You are indifferent between getting the BMW for sure and a lottery with 0.8 of getting a GM and 0.2 of getting a Tesla. Calculate the associated utility value of each choice

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1. Too understand personal motivation.

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