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Suppose you assess that the certaintyequivalent for a lotto, with a 50% chance of Y=16 and a 50% chance of Y=32 does not depend on the level at which the cost X isfixed. As long as preferences for lotteriesin the completion-time attribute (Y) are the same (as, say, measured by their certainty equivalents) regardless of the fixed level ofcost (X), then completion time is ____ independent of cost.
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