Violation of Substitution

Allais’ paradoxDecision I: A: Sure gain of $3,000 B: .80 chance of $4,000Decision II: C: .25 chance of $3,000 D: .20 chance of $4,000

Allais’ paradox Decision I: A: Sure gain of $3,000 B: .80 chance of $4,000 Decision II: C: .25 chance of $3,000 D: .20 chance of $4,000