Business, 13.06.2020 21:57 YoVeoAnime

Bob's farm harvests corns worth 91 thousand dollars (and nothing else). In each year, there is a 33% chance that a storm will attack and leaves him with only 27 thousand dollars worth of the corns. Bob's preferences over wealth are represented by . What is the maximum that Bob is willing to pay for full insurance (in unit of thousand dollars)

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Bob's farm harvests corns worth 91 thousand dollars (and nothing else). In each year, there is a 33%...

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