Suppose that the point spread for a particular sporting event is 10 points and that with this
Question:
....................................................... State of Nature
Decision Alternatives ....... You Win ............... You Lose
Bet ................................ $1000 .................... -$1000
Don't bet ............................ $0 .......................... $0
a. What decision does the expected value approach recommend?
b. What is your indifference probability for the $0 payoff? (Although this choice isn't easy, be as realistic as possible. It is required for an analysis that reflects your attitude toward risk.)
c. What decision would you make based on the expected utility approach? In this case are you a risk taker or a risk avoider?
d. Would other individuals assess the same utility values you do? Explain.
e. If your decision in part (c) was to place the bet, repeat the analysis assuming a minimum bet of $10,000?
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a The expected value of a decision alternative is the sum of weighted payoffs for the decision alternative The expected value EV of decision alternati...View the full answer
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Related Book For 
Quantitative Methods For Business
ISBN: 272
12th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
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