Assess your own utility for different incremental
amounts of money by running a series of preference tests between some
definite amount $M_1$ and a lottery $[p,M_2; (1-p), 0]$. Choose
different values of $M_1$ and $M_2$, and vary $p$ until you are
indifferent between the two choices. Plot the resulting utility
function.
Assess your own utility for different incremental amounts of money by running a series of preference tests between some definite amount $M_1$ and a lottery $[p,M_2; (1-p), 0]$. Choose different values of $M_1$ and $M_2$, and vary $p$ until you are indifferent between the two choices. Plot the resulting utility function.