Question: Please help. Suppose you pay $3.00 to roll a fair die with the understanding that you will get back $5.00 for rolling a 6 or

Please help. Suppose you pay $3.00 to roll a fair die

Please help.

Suppose you pay $3.00 to roll a fair die with the understanding that you will get back $5.00 for rolling a 6 or a 4, nothing otherwise. What is your expected value

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The quality of the argumentation

The status rule: We tend to have more confidence in information presented by someone who has a relatively high status and rank in society than by someone who hasnt.

The spatial rule: The closer spatial proximity we have to an event, the more importance we will attach to it.