Mathematics, 14.06.2020 02:57, cooper2017
g Bob's farm harvests corns worth 83 thousand dollars (and nothing else). In each year, there is a 38% chance that a storm will attack and leaves him with only 20 thousand dollars worth of the corns. Bob's preferences over wealth are represented by U=\ln{w} . What is the maximum that Bob is willing to pay for full insurance (in unit of thousand dollars)?
Answers: 1
g Bob's farm harvests corns worth 83 thousand dollars (and nothing else). In each year, there is a 3...
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