Assuming an individual (or corporation) with risk aversion and a von Neumann-Morgenstern utility curve and given a gamble g with E(g) > 0. From what I researched, certainty equivalent is defined as the amount of wealth we could offer with certainty that would make him indifferent between accepting that wealth with certainty and facing a gamble g (Jehle and Reny, 2011, Chapter 2, pg. 112).
From that definition, the certainty equivalent is the amount of value that the individual would accept to give up on the gamble g.
Can you apply the certainty equivalent concept to calculate the fair value that the individual would be willing to pay to enter the gamble g (instead of giving up on the gamble)?
In that case, is it the same value to give up on the gamble?
Jehle, G. A. and Reny, P. J., 2011. Advanced Microeconomic Theory (3rd Edition). ISBN-10: 0273731912. Pearson; 3rd edition (April 30, 2011).