Three Decision Makers Have Assessed Utilities for the Problem Whose

question 48

Essay

Three decision makers have assessed utilities for the problem whose payoff table appears below. $$\begin{array} { c | c c c } & &{ \text { State of Nature } } \\\text { Decision } & s _ { 1 } & s _ { 2 } & s _ { 3 } \\\hline d _ { 1 } & 500 & 100 & - 400 \\d _ { 2 } & 200 & 150 & 100 \\d _ { 3 } & - 100 & 200 & 300 \\\hline \text { Probability } & .2 & .6 & .2\end{array}$$ $$\begin{array}{l}\begin{array} { r c c c } &&&&\underline{\text { Indifference Probability for Person }}\\\text { Payoff } &&& \text { A } & \text { B } & \text { C } \\\hline 300 &&& .95 & .68 & .45 \\200 &&& .94 & .64 & .32 \\150 &&& .91 & .62 & .28 \\100 &&& .89 & .60 & .22 \\- 100 &&& .75 & .45 & .10\end{array}\end{array}$$
a.Plot the utility function for each decision maker.
b.Characterize each decision maker's attitude toward risk.
c.Which decision will each person prefer?

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Definitions:

Feminist Theory

Claims that patriarchy is at least as important as class inequality in determining a person’s opportunities in life. It holds that male domination and female subordination are determined not by biological necessity but by structures of power and social convention. It examines the operation of patriarchy in both micro- and macro-level settings, and it contends that existing patterns of gender inequality can and should be changed for the benefit of all members of society.

Activist Component

The active part of a movement or organization dedicated to promoting change in society through various forms of advocacy and action.

Gender Inequality

The unequal treatment or perceptions of individuals based on their gender, resulting in disparities in opportunities, resources, and rights.

Developing Countries

Refers to nations with lower levels of industrialization, lower income per capita, and generally lower standards of living compared to developed countries.