Suppose you are offered a coin flip for either a $100 win or a $0 win. Compared to a flat handout of $50, obviously the $100 or $0 has less utility. I recall seeing this with an easy calculation, something like taking the sqrt of $100 and $0, and adding them together. Then comparing that to the sqrt of $50, plus sqrt $50. In this example, the 100, 0 results in a utility of 10 whereas the 50, 50 results in a utility of 14. Is this the correct easy way to calculate utility?
