Cindy's attitudes towards risk are summarized by the utility function U(w)= 
.Cindy has an initial wealth of $100.There is a 10% chance that her home will sustain flood damage next year costing her $40 in repairs.What is the most she will pay to for a full $40 of flood insurance?
Definitions:
Average Range
In statistics, it is the mean difference between the largest and smallest values in a set of data, used as a measure of statistical dispersion.
3-sigma Control Limits
Statistical boundaries set at three standard deviations from the mean in a control chart, used to determine the variability of a process and identify potential outliers or trends.
Standard Deviation
A measure of the amount of variation or dispersion of a set of values.
Sampling Distribution
Sampling distribution is a statistical term describing the distribution of sample means or proportions over repeated sampling from the same population.
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