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Who has a stronger aversion toward risk

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Reference no: EM131281444

Sheldon is indifferent between a combination of 2% risk of injury and a wage rate of $15 per hour and a combination of 3% risk of injury and a wage rate of $18 per hour. Shelby is indifferent between a combination of 2% risk of injury and a wage rate of $16 per hour and a combination of 3% risk of injury and a wage rate of $18 per hour.

  • Who has a stronger aversion toward risk?
  • Consider a market "offer curve" that is concave (from below). Where along this curve is Sheldon's utility likely to be maximized? Compare this to where Shelby is likely to maximize utility. Explain.

Reference no: EM131281444

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