Chris prefers a sled to a harmonica and specifies the following equivalence relations:
a. What is Chris' preference ordering for the sled, the harmonica, the book, the sweater, and the ball?
b. What is Chris' preference probability (the probability of a sled versus a harmonica in a hypothetical deal) that is equivalent to the following deal?
c. Does Chris prefer a book or the following deal? {Hint: First, express this deal as a probability of a sled versus a harmonica.)
d. What can we infer about Chris' preference for four sweaters versus one book from his indifference statements presented in this problem?
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here