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October 21, 2014

October 21, 2014

Posted by **Sandra** on Friday, November 20, 2009 at 1:38am.

If you roll a 1, 2 or 3, you win $46.

If you roll a 4 or 5, you lose $22.

If you roll a 6, you lose $85.

Should you play the game? Use expected values and decision theory to justify your answer. (Round the answer to the nearest cent.)

- Mathematics for Liberal Arts -
**drwls**, Friday, November 20, 2009 at 2:11amThe expected winning per game is

(1/2)*46 - (1/3)*22 - (1/6)*85

If that is positive, play the game

- Mathematics for Liberal Arts -
**Reiny**, Friday, November 20, 2009 at 12:29pmTake the $50 and quit.

(Each game as outlined by drwls has an expected value of $1.50.

You are playing it 5 times, so the expected return is $7.50.

Your choice was to either accept $50 or play the game)

- Mathematics for Liberal Arts -
**drwls**, Friday, November 20, 2009 at 4:13pmReiny is correct. I assumed you were betting your own money. I didn't read all the question.

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