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Author Question: If a person willingly plays an unfair game that is not in his favor, he is risk loving. Indicate ... (Read 151 times)

Charlie

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on: Jul 1, 2018
If a person willingly plays an unfair game that is not in his favor, he is risk loving.
 
  Indicate whether the statement is true or false

Question 2

A fair game is a game in which the chances are 50-50 that you win or lose.
 
  Indicate whether the statement is true or false


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otokexnaru

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Reply #1 on: Jul 1, 2018
Answer to Question 1

False. While that could be the reason, there are others. Either the person likes gambling for entertainment reasons, or the person does not understand the probabilities associated with each payout.

Answer to Question 2

False. A fair game is one in which the expected value of the payoff to the player is equal to the cost of playing.


Charlie

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Reply #2 on: Jul 1, 2018
Thank you


otokexnaru

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Reply #3 on: Jul 1, 2018
No problemo


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