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What is an actuarially fair gamble

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Reference no: EM132947151

An individual said to be risk-averse if he is unwilling to accept or is indifferent to any actuarially fair gamble.

a. What is an actuarially fair gamble?

b. How would you express the definition of risk aversion given above mathematically?

c. Why does risk aversion imply a concave utility function? Show your answer mathematically and provide explanation for each step.

Reference no: EM132947151

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