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Chako Chako
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Posts: 2948
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8 years ago
If you are offered a gamble in which you win 500 dollars 3/8 of the time and you lose 500 dollars 5/8 of the time, what is your expected payoff and your behavior given that you are a risk-lover?
A) -$125, it is unclear what you would do without further information
B) $500, take the gamble
C) -$125, take the gamble
D) -$125, decline the gamble
E) $500, decline the gamble
Textbook 
International Economics: Theory and Policy

International Economics: Theory and Policy


Edition: 10th
Author:
Read 247 times
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machukianmachukian
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#1
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8 years ago
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Chako Author
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#2
8 years ago
Makes a lot of sense, and you're right.. I appreciate the input
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#3
8 years ago
Don't forget to vote my answer as best Nerd Face
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