An experiment can result in any of the outcomes 1,2, or 3.

(a) If there are two different wagers, with

r1(1) =4, r1(2) =8, r1(3) =10

r2(1) =6, r2(2) =12, r2(3) =16

is an arbitrage possible?

(b) If there are three different wagers, with

r1(1) =6, r1(2) = 3, r1(3) =0

r2(1) = 2, r2(2) =0, r2(3) =6

r3(1) =10, r3(2) =10, r3(3) = x

what must x equal if there is no arbitrage? For both parts, assume that you can simultaneously place wagers at any desired levels.