1. Draw a graph of the value function used in Prospect Theory. Carefully label t

1. Draw a graph of the value function used in Prospect Theory. Carefully label the graph and explain each part of it and how it differs from a typical utility function used in expected utility theory. Give an example of an experimental result (such as one from the paper) or a real life example to motivate this value function and why it might be more realistic than a utility function consistent with expected utility theory.2.For each of the following mental operations determine whether they would be more likely to be performed by System 1 or System 2 and explain your choice: Checking the validity of a complex logical argument Detecting hostility in the facial expression of another person Counting the number of times the letter a appears on this page Avoiding thinking about spiders Computing 2 x 3 = ?