However, see attached is the detailed instruction with scenarios that must comprehended within the paper as a final project.1. Executive Summary (one-page) 2.White Paper on Prospect Theory a.Prepare a professional 4 pages ‘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. 3.Bias Identification a.Select the behavioral finance concept best exhibited in each of your colleagues’ three statements at Jojo’s 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 2 pages in length.4.Behavioral Finance and Investments a.Complete a report on you observations of your first client, Violet. The report should be 3 pages in length, double-space, Times New Roman 12 point font; reference page(s) do not count in the page limit. Your report should include the following: 1) Describe Siobhan utility function. Contrast her utility function with that assumed in traditional finance theory, 2) Discuss what biases Siobhan behavior reflects, 3) Explain how a rational economic individual in traditional finance would behave differently with respect to each bias, and 4) Determine whether your observation about Siobhan retirement portfolio allocation is correct. Justify your response.5.Behavioral Corporate Finance a.Prepare a professional 2 pages memo addressed to the CFO describing the recent behavioral finance literature on the topic on issues related to the Board of Directors, 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 at least 4 recent academic references.6.Your Future and Behavioral Finance Post 2008 a.Respond to the questions and issues raised by Stephanie in the final part of the learning demonstration with a professional 4 pages report, double-space, Times New Roman 12 point font; reference page(s) do not count in the page limit. In your report be sure to address all of Stephanie’s points.