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A consumer who conforms to the Von Neumann Morgenstern axioms is faced with four situations A, B, C, D. He prefers A to B, B to C and C to D. Suppose the consumer is indifferent between B and a lottery ticket with probabilities of 0.4 and 0.6 for A and D respectively and that he is indifferent between C and a lottery ticket with probabilities 0.2 and 0.8 for B and D respectively. Construct a set of von Neumann - Morgenstern utility numbers for the four situations.

Microeconomics, Economics

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