Mathematics, 23.07.2019 01:40, Arealbot
A“mathematically fair bet” is one in which the amount won will on average equal the amount bet, for example when a gambler bets, say, $100 for a 10 percent chance to win $1,000 ($100 = .10 x $1,000). assuming diminishing marginal utility of dollars, explain why this is not a fair bet in terms of utility. why is it even a less fair bet when the “house” takes a cut of each dollar bet? so is gambling irrational?
Answers: 3
Mathematics, 06.07.2019 12:50, bigmac34
Answers: 1
Mathematics, 10.07.2019 17:30, calderonjudith9351
Answers: 1
Biology, 05.10.2019 16:30, nails4life324
Answers: 1
Business, 01.11.2019 05:31, Zeniko
Answers: 2
A“mathematically fair bet” is one in which the amount won will on average equal the amount bet, for...
Geography, 06.10.2021 07:30
Spanish, 06.10.2021 07:30
Mathematics, 06.10.2021 07:30
Mathematics, 06.10.2021 07:30
Biology, 06.10.2021 07:30