1 Suppose you choose a stock if and only if all your friends

(1) Suppose you choose a stock if and only if all your friends also choose that stock. Your choices could be incomplete. (T /F) 2) Expected utility can account for a person choosing lotteries according to expected value. (T / F) (3) Standard (i.e. non-behavioral) economics cannot account for why people gamble. (T (4) It\'s possible to tell whether a person has vNM utility u! (x)-2x2 or u2(x) = 4x4 . (T (5) The reflection and isolation effects cannot appear in the same choice problem. (T/ F)

Solution

1 True because he is not free to choose. All must decide same choice at same time

2 True as in case of choosing a fair gamble.

3 False. Even microeconomics can explain it

4 yes by seeing his behaviour

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