Find a bernoulli payoff function that assigns a payoff

Reference no: EM13907021

(Normalized Bernoulli payoff functions) Suppose that a decision- maker's preferences can be represented by the expected value of the Bernoulli pay- off function u. Find a Bernoulli payoff function whose expected value represents the decision-maker's preferences and that assigns a payoff of 1 to the best outcome and a payoff of 0 to the worst outcome.

Reference no: EM13907021

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