What does your answer tell us about whether min violates

Reference no: EM133251493

Question: Min is guided by the "maximin" decision rule. Whenever she is confronted by two lotteries, she considers the worst prize she can get in each lottery. She prefers the lottery with the best worst prize (in other words, she wants to maximize her worst or minimum-prize). If two lotteries have the same worst prize, then she compares the second-worst prizes, and so on. If two lotteries have all the same prizes, she is indifferent between these lotteries. Consider three prizes, A, B and C. She prefers A to B, B to C and A to C. Consider four lotteries, , L2, L3 and L4 L * 1 = {0.5, A, B}; L * 2 = {0.99, A, C}; L * 3 = {0.4, A, B}; L * 4 = {p, A, C} where p can be any number 0 to 1 .

a . Does Min prefer L1 to L2? Briefly explain your answer

b . Does Min prefer L1 to L3? What does your answer tell us about whether Min violates better chances?

C. Is there a value of p which makes Min indifferent between prize B and L4? What does this tell us about whether Min violates continuity ?

Reference no: EM133251493

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