The Cornell hockey team is playing a game against Harvard that it will either win, lose, or
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The Cornell hockey team is playing a game against Harvard that it will either win, lose, or draw. A gambler offers you the following three payoffs, each for a $1 bet win lose draw Bet 1 0 1 1.5 Bet 2 2 2 0 Bet 3 0.5 1.5 0
(a) Assume you are able to buy any amounts (even negative) of these bets. Is there an arbitrage opportunity? (b)What if only the first two bets are available?
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