Tom prefers A over B and B over C. Also, Tom is indifferent between a lottery in which he gets C with probability p and A with probability 1-p and a lottery in which he gets B with a probability p and C with probability 1-p. The value of p in both lotteries is the same. For what values of p would Tom's preference be rational in the sense of von Neumann-Morgenstern's expected utility theory?
game theory hw. von Neumann-Morgenstern's expected utility theory
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game-theory