Jien is just bored all the time; no amount of success makes him happy, it seems. Below is a list of his income for the last several years and the utility he experienced per dollar of income: Year Yearly Income Utility per Dollar Earned 2017 $60,000 2 utils 2018 $70,000 1.8 2019 $100,000 1.5 2020 $120,000 1 2021 $145,000 0.40 From the above, we can say that Jien most likely is different from most people economists study in terms of risk attitudes is "risk loving" will not take a fair bet has a utility of wealth curve that is a straight line

Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter4: Utility Maximization And Choice
Section: Chapter Questions
Problem 4.12P
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Jien is just bored all the time; no amount of success makes him happy, it seems. Below is a list of his
income for the last several years and the utility he experienced per dollar of income:
Year Yearly Income Utility per Dollar Earned
2017
$60,000
2 utils
2018 $70,000
1.8
2019 $100,000
1.5
2020 $120,000
1
2021
$145,000
0.40
From the above, we can say that Jien most likely
is different from most people economists study in terms of risk attitudes
is "risk loving"
will not take a fair bet
has a utility of wealth curve that is a straight line
Transcribed Image Text:Jien is just bored all the time; no amount of success makes him happy, it seems. Below is a list of his income for the last several years and the utility he experienced per dollar of income: Year Yearly Income Utility per Dollar Earned 2017 $60,000 2 utils 2018 $70,000 1.8 2019 $100,000 1.5 2020 $120,000 1 2021 $145,000 0.40 From the above, we can say that Jien most likely is different from most people economists study in terms of risk attitudes is "risk loving" will not take a fair bet has a utility of wealth curve that is a straight line
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