Part 1: Roll out the red carpet and pull up your sleeves because you are about to put your probability and expected value skills to the ultimate test. You'll create a carnival game using dice and coins. Designing a game is more complex than it seems. It hastobe appealing for people to play, but hopefully set up in a way that you're not expected to lose money in the long run as the game owner. It can't be too simple or it's boring, but also not overly complicated. If the price is too high, people may not play.If it is too low, you may not earn enough money.

Guidelines about your game:

The game must be created by you - not a game already in existence.

You must charge something to play (the game cannot be free to play).

The game must have at least 3 payout scenarios (outcomes)and involve a sequence of at least two things (flip two coins, roll a die and flip a coin, roll 2 die). For example, if a player flips a head on both coins they win $5, etc.

You must be able to calculate the probability of the payout scenarios using the theoretical probability techniques we have learned in class. Do not make the game overly complicated!

You must be able to create a set of typed instructions to clearly explain your game. They must be easy to follow so that anyone can pick them up, read them and begin playing your game.

Part 2: Presentation - you can turn in your presentation in essay format, infographic, video format, google slides, etc. Presentation Requirements:

Introduction: Provide an overview of your game.

What type of game is it?

Where would you play this game?

How much does it cost to play?

What are the prizes if you win?

Game Demonstration: Brief overview for how to play your game.

Step-by-step introductions for how to play the game.

List all materials needed to play (dice, coin, or both)

Probability analysis:

Define the sample space.

Create a probability distribution for your game for the net winnings from the player's perspective.

For each winning condition, describe how to find the probability.

Describe or explain the probability of losing.

Expected value:

What is the net expected value for your game for the player? Show your steps for calculating it.

What is the net expected value for your game for you, the game owner?

What does the expected value mean in regards to your game?

How does understanding expected value help you make decisions about your game?

Reflection:

Did the project help you understand probability any better?

What aspects of the project are still confusing, if any?

How does learning about expected value change your opinion of the lottery, casinos, etc?