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johnsmith12 johnsmith12
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2 years ago
Wilson is watching two different roulette-type games at a local charity bazaar. Each game costs $1 to play. In one game, there are ten different numbers, and if the number he selects comes up, he will win $12. In the other game, there are 100 different numbers, but if the number he selects comes up, he will win $50. What should Wilson do based on expected value theory?


▸ Play the first game because it has a higher expected value.

▸ Play either one of the games because they both have the same expected value.

▸ Play the second game because it has a higher expected value.

▸ Not play either game because they both have such low odds of winning.
Textbook 
Psychology: Themes and Variations

Psychology: Themes and Variations


Edition: 5th
Authors:
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leegerryan1234leegerryan1234
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Play the first game because it has a higher expected value.

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johnsmith12 Author
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2 years ago
Brilliant ツ
rhockeygirl
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Yesterday
Thanks
Shassta22
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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