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What is the expected monetary loss from a heart attack

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Reference no: EM132488611

Suppose an individual has the following utility function defined over wealth: u(w) =√w

The individual has an initial wealth value of $20,000. The individual has a 20% chance of a heart attack and the monetary loss associated with the attack is $5,000.

What is the expected monetary loss from a heart attack?

What is the maximum amount this individual is willing to pay for insurance against a heart attack?

What is the risk premium?

Reference no: EM132488611

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