请教高手一个题目

1973

收藏 2008-12-21

Question 1: If you were offered a once-in-a-lifetime opportunity to win x euros or to lose x/2 euros with equal chances, for what value of x would you hesitate between taking the gamble and letting the opportunity go by?Suppose that after much soul-searching the subject feels that her indifference point is at around x =

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phill

2008-12-21 06:48:00

It doesn't matter which value you assign to the utility, see ''without loss of generality''.

Utility theory tells us that cardinal utility and ordinal utility are equivalent.

The doubt here is x is what the subject feels, how come this is a question to ask?.Is this question complete or it is asking for building a utility curve?

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bingyue111

2008-12-21 07:52:00

题目里面告诉你了啊，assign a utility of 0 to a zero gain and a utility of 1 to
a gain of €500,000，所有U(500，000）=1

关于risk aversion的，我建议可以看《Advanced Microeconomics Theory> 作者是：Geoffrey Jehle;Philip Reny 或者<Microeconomics: principles and analysis> 这是我们学校的教授写的，Frank Cowell，这个论坛都有得下。