An individual has utility of the expected utility form with subutility function u. He has initial wealth m. Let lottery

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An individual has utility of the expected utility form withsubutility function u. He has initial wealth m. Let lottery L offera payoff of G with probability θ, and a payoff of B withprobability 1 − θ.
(a) If the individual owns the lottery, what is the minimumprice he would sell it for?
(b) If he does not own it, what is the maximum price he would bewilling to pay for it?
(c) Are the buying and selling prices equal? Give an economicinterpretation for your answer. Find conditions on the parametersof the problem under which the buying and selling prices areequal.