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What is barney utility under insurance

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Reference no: EM133080934

Barney has $80,000 in income per year and faces a 20% chance of having $25,000 in unexpected medical bills. Suppose Barney's utility function over income is U = I1/2

What is Barney's utility under insurance, if the price of insurance is equal to his expected loss (actuarially fair)?

Reference no: EM133080934

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