Question

Find two lottery or casino games that have fixed payoffs and for which the probabilities of each payoff are available. (Some lottery tickets list them on the back of the ticket or on the lottery’s website. Some books about gambling give the payoffs and probabilities for various casino games.)
a. Compute the expected value for each game. Discuss what they mean.
b. Using both the expected values and the list of payoffs and probabilities, explain which game you would rather play and why.


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  • CreatedOctober 22, 2015
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