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Suppose that a decision-maker’s preferences over the set A={a, b, c} are represented by the payoff...

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Advance Math

Suppose that a decision-maker’s preferences over the set A={a,b, c} are represented by the payoff function u for which u(a) = 0,u(b) = 1, and u(c) = 4.

(a) Are they also represented by the function v for which v(a)=?1, v(b) = 0, and v(c) = 2?

(b) How about the function w for which w(a) =w(b) = 0 and w(c) =8?

(c) Give another example of a function f:A?R that represents thedecision-maker’s preferences.

(d) Is there a function that represents the decision-maker’spreferences and assigns negative numbers to all elements of A?

Answer & Explanation Solved by verified expert
3.6 Ratings (329 Votes)
Suppose that a decisionmakers preferences over the set Aa b c are represented by the payoff function u for which ua 0 ub 1 and uc 4 As 0 1 4 so the preference order is First c    See Answer
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