How much money they have they would pay to avoid a fair coin, Other Subject

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How much money they have they would pay to avoid a fair coin

Problem

Use a simple expected utility model to explain why, if a person has $1000, a preference function that is equal to the square root of how much money they have, they would PAY to avoid a fair coin flip that would pay them $500 if they won and cost them $500 if they lost.

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