Which of the following utility fuctions have the expected utility property? a) u({c_1},{c_2},{{π
Question: Which of the following utility fuctions have the expected utility property?
a) \[u\left( {{c}_{1}},{{c}_{2}},{{\pi }_{1}},{{\pi }_{2}} \right)=a\left( {{\pi }_{1}}{{c}_{1}}+{{\pi }_{2}}{{c}_{2}} \right)\]
b) \[u\left( {{c}_{1}},{{c}_{2}},{{\pi }_{1}},{{\pi }_{2}} \right)={{\pi }_{1}}{{c}_{1}}+{{\pi }_{2}}c_{2}^{2}\]
c) \[u\left( {{c}_{1}},{{c}_{2}},{{\pi }_{1}},{{\pi }_{2}} \right)={{\pi }_{1}}\ln {{c}_{1}}+{{\pi }_{2}}\ln {{c}_{2}}+17\]
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Deliverables: Word Document
Deliverables: Word Document