Statistics> Questions and Answers > Atkinson Co. is planning to buy a machine and assigned the job to Rick - SOLVED
Note that, x+ and x- represent the best and the worst values of the given attribute x, respectively. Using the additive utility model and assume that for Rick, weight related to Power KPW = 0.085, and weight related to Life Span KL = 0.2860, Price is four times as important as Power, Operating Weight is 0.5 times as important as Life Span. a) Find the overall utility for the three machine. Which one should be chosen, why?[Show More]
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Assessed risk tolerance of Cathy is $8700. Assume that her preferences can be modeled with the exponential utility function U(x) = 2.5700 – 1.8200e–x/R Suppose that she faces the following gamble: Win $3213.03 with probability 0.30, Lose $1269.79 with probability 0.15, Win $1887.74 with probability 0.20, Win nothing with probability 0.15, and Lose $811.79 with probability 0.20. 1) What is the expected utility of the gamble? a. 0.7986 b. 0.9111 c. 0.6842 d. 1.3000 e. 0.5000
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