Attempting to establish the utility

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Reference no: EM132226614

You are attempting to establish the utility that your boss assigns to a payoff of $1,100. You have established that the utility for a payoff of $0 is zero and the utility for a payoff of $10,000 is one. Your boss has just told you that they would be indifferent between a payoff of $1,100 and a lottery which has a payoff of $10,000 where the probability of losing is 0.8. What is your boss’ utility for $1,100?

(Round your answer to 1 decimal place.)

Reference no: EM132226614

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