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Microeconomic Theory 11th Edition by Walter Nicholson,Christopher Snyder
Edition 11ISBN: 978-1111525538Microeconomic Theory 11th Edition by Walter Nicholson,Christopher Snyder
Edition 11ISBN: 978-1111525538 Exercise 2
Show that if an individual's utility-of-wealth function is convex then he or she will prefer fair gambles to income certainty and may even be willing to accept somewhat unfair gambles. Do you believe this sort of risk-taking behavior is common? What factors might tend to limit its occurrence?
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Microeconomic Theory 11th Edition by Walter Nicholson,Christopher Snyder
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