Question: Question 4. Consider the Ellsberg Urn set-up from lectures; an urn containing 100 Red balls, and 200 balls which are either Blue or Green. Let

Question 4. Consider the Ellsberg Urn set-up from lectures; an urn containing 100 Red balls, and 200 balls which are either Blue or Green. Let R be the gamble which pays $1 when a red ball is drawn, and similarly for B and G. Let -R be the gamble which pays $1 when a red ball is not drawn1 is. when a Blue or Green ball is drawn. Similarly for -IB and -IG. Let 1/2R + 1/2 R be the gamble which pays $1/2 when Red is drawn, and $1/2 when red is not drawn (is. always pays $1/2). Similarly for all other combinations. Suppose the decision maker has Maxmin Expected Utility

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