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Loss Aversion and Lottery Probabilities
Consider a worker who experiences loss aversion, and l = 2·g
In other words, the pain from a $1 loss is two times the pleasure from a $1 gain.
The crime lottery is L = {$30, -$30; r1, r2}.
The expected utility of the lottery will be zero if r1 = [_____] and r2 = [_____]. Illustrate.
O'Sullivan, Arthur. Urban Economics (p. 399). McGraw-Hill Higher Education. Kindle Edition.
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