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This widget shows how the utility curves are shaped by two parameters: $l \mu $l for decreasing sensitivity to gain and to loss, and $l \lambda $l for loss aversion. In the initial graph, $l \mu = 0.50 $l and $l \lambda = 1 $l. The utility function is $$ u(x) = \alpha_G \cdot x^{\mu} \text{ for } x ≥ 0 $$ $$ u(x) = -\lambda \cdot \alpha_L \cdot (-x)^{\mu} \text{ for } x < 0 $$ where $l \alpha_G $l and $l \alpha_L $l are scaling parameters to anchor the utility curves as $l \mu $l and $l \mu $l change.
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