Suppose that a decision-makers preferences can be


Suppose that a decision-maker's preferences can be represented by the expected value of the Bernoulli pay off function u. Find a Bernoulli payoff function whose expected value represents the decision-maker's preferences and assigns a payoff of 1 to the best outcome and a payoff of 0 to the worst outcome.

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Business Economics: Suppose that a decision-makers preferences can be
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