Mathematics, 15.03.2022 22:10 taylorlindsey9329

Mark has the following utility function: where denotes the wealth. Mark has the chance to play in the following lottery: with probability 0.13 the lottery gives $113,819 and with the complement probability (1-0.13), the lottery gives $9,733. Assume that Mark starts with 0 wealth. What is the expected value of the lottery

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