What is expected utility theory
Problem 1: What is expected utility theory?
Problem 2: On what assumptions is the theory based, and how plausible are these assumptions?
Problem 3: Explain the Ellsberg paradox?
Problem 4: Do such paradoxes imply we should abandon the theory?
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Determine the equilibrium outcome, or outcomes, when both the seller and the buyer observe directly the quality of any car traded.
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Problem 1: What is expected utility theory? Problem 2: On what assumptions is the theory based, and how plausible are these assumptions?
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