## Question

###### Which of the following utility functions have the expected utility property? (a) $u\left(c_{1}, c_{2}, \pi_{1}, \pi_{2}\right)=a\left(\pi_{1} c_{1}+\pi_{2} c_{2}\right)$ (b) $u\left(c_{1}, c_{2}, \pi_{1}, \pi_{2}\right)=\pi_{1} c_{1}+$ $\pi_{2} c_{2}^{2}$ (c) $u\left(c_{1}, c_{2}, \pi_{1}, \pi_{2}\right)=\pi_{1} \ln c_{1}+\pi_{2} \ln c_{2}+17$.

Which of the following utility functions have the expected utility property? (a) $u\left(c_{1}, c_{2}, \pi_{1}, \pi_{2}\right)=a\left(\pi_{1} c_{1}+\pi_{2} c_{2}\right)$ (b) $u\left(c_{1}, c_{2}, \pi_{1}, \pi_{2}\right)=\pi_{1} c_{1}+$ $\pi_{2} c_{2}^{2}$ (c) $u\left(c_{1}, c_{2}, \pi_{1}, \pi_{2}\right)=\pi_{1} \ln c_{1}+\pi_{2} \ln c_{2}+17$.

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