a 2-3 page progress report is due to ensure that satisfactory progress is being made toward completion of the final project. The progress report should contain the following: 1) An outline of your response to 2 parts of the assignment (i.e. question 2 and 3), 2) Sources that you have identified as useful for completing the assignment, and 3) A timeline of activities for the remainder of the term related to the final assignment. 1. White Paper on Prospect Theory a. Prepare a professional 3-4 page white paper, double-space, Times New Roman 12 point font; reference page(s) do not count in the page limit. In your report be sure to include the following topics: 1) Prospect theory vs. expected utility theory, 2) A numeric example demonstrating violations of expected utility theory, 3) Description of the value function, 4) Implications of prospect theory (or behavioral finance) for the Efficient Market Hypothesis, and 5) An example of an anomaly that could be explained by prospect theory.2. Bias Identificationa. Select the behavioral finance concept best exhibited in each of your colleagues three statements at JoJos bar. Explain how the behavioral finance concept you selected affects her investment decision making. Write your responses to these issues raised by your colleagues. Provide clarity, organization and completeness in your responses. This part should be between 1-2 pages in length.