Question

expected value and fair price problems

Is the fair price to pay for a game of chance the same as the expected value of that game of chance? explain your answer

Answer 1

sounds right to me. that will make your expected value zero, which means the game is fair

Answer 2

so for example if the expected value of the game is $2 that means on average you will win $2 per game, so if you pay $2 to play then in the long run you will win nothing and your opponent will win nothing

Answer 3

Expected value - if on a $1 bet paul goldsteins expected value is $.30 what is paul's expected value on a $5 bet?

Answer 4

I think you should ask that as a new question.

Answer 5

Same subject, different topic.

Answer 6

ok

Answer 7

Personally, I wouldn't know. I taught it was a ratio of some sort.

Answer 8

Thought

Answer 9

so now i have a stupid question, how do i ask it as a different question