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[See Solution] Consider a von Neumann-Morgenstern individual whose utility function is u=ln (w), where w is the wealth. Given that the individual faces the

Question: Consider a von Neumann-Morgenstern individual whose utility function is $u=\ln \left( w \right)$, where w is the wealth. Given that the individual faces the prospect of gaining or losing an amount of wealth h with equal probability, determine the maximum insurance premium that the individual will be prepared to pay.

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[See Solution] Consider a von Neumann-Morgenstern individual whose utility function is u=ln (w), where w is the wealth. Given that the individual faces the

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