Suppose that you roll two dice. You will be paid ($ 5) if you roll a double.
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Suppose that you roll two dice. You will be paid \(\$ 5\) if you roll a double. You will not receive anything for any other outcome. How much should you be willing to pay for the privilege of rolling the dice?
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The answer revolves around Expected Value which is a key concept in probability theory Expected valu...View the full answer
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