Question

Suppose you can place a bet in the following game. You flip a fair coin (50-50...

Suppose you can place a bet in the following game. You flip a fair coin (50-50 chance it lands heads). If it lands heads, you get 4 dollars, if it lands tails, you pay 1 dollar. This is the only bet you can make. If you don't make the bet you will neither gain nor lose money. What is the utility for you of the coin landing tails if you make the bet (assume utility is dollars)?

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
Suppose you can place a bet in the following game. You flip a fair coin (50-50...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Suppose you can place a bet in the following game. You flip a fair coin (50-50...

    Suppose you can place a bet in the following game. You flip a fair coin (50-50 chance it lands heads). If it lands heads, you get 4 dollars, if it lands tails, you pay 1 dollar. This is the only bet you can make. If you don't make the bet you will neither gain nor lose money. Should you place the bet?

  • Suppose that a fair coin is tossed ten times. Each time it lands heads you win...

    Suppose that a fair coin is tossed ten times. Each time it lands heads you win a dollar, and each time it lands tails you lose a dollar. Calculate the probability that your total winnings at the end of this game total two dollars, and the probability that your total winnings total negative two dollars.

  • It’s the same game as before with the same rules: in each round a fair coin...

    It’s the same game as before with the same rules: in each round a fair coin is tossed and if it comes up heads you win $1, and if it comes up tails you lose $1. The game consists of 50 such rounds. Your net gain at the end of the game is defined as the total amount of money won by you during the game minus the total amount of money lost by you during the game. Having studied...

  • Problem 2: Tails and (Heads or Tails?) Alice and Bob play a coin-tossing game. A fair...

    Problem 2: Tails and (Heads or Tails?) Alice and Bob play a coin-tossing game. A fair coin (that is a coin with equal probability of 1. The coin lands 'tails-tails' (that is, a tails is immediately followed by a tails) for the first 2. The coin lands 'tails-heads (that is, a tails is immediately followed by a heads) for the landing heads and tails) is tossed repeatedly until one of the following happens time. In this case Alice wins. first...

  • Suppose you flip an ordinary fair coin 60 times and amazingly it lands on heads every...

    Suppose you flip an ordinary fair coin 60 times and amazingly it lands on heads every single time. What is the probability that on your next flip, it lands on tails?

  • Suppose you flip a fair coin repeatedly until you see a Heads followed by another Heads...

    Suppose you flip a fair coin repeatedly until you see a Heads followed by another Heads or a Tails followed by another Tails (i.e. until you see the pattern HH or TT). (a)What is the expected number of flips you need to make? (b)Suppose you repeat the above with a weighted coin that has probability of landing Heads equal to p.Show that the expected number of flips you need is 2+p(1−p)/1−p(1−p)

  • 3. Suppose my friend and I are tossing a biased coin (the chance of the coin...

    3. Suppose my friend and I are tossing a biased coin (the chance of the coin landing heads is 0.48). I get one dollar each time the coin lands heads, and I have to pay one dollar to my friend each time it lands tails. I will stop playing if my net gain is three dollars. (a)What is the chance that I will stop after exactly three tosses? (b) What is the chance that I will stop after exactly four...

  • 71. A game involves selecting a card from a regular 52-card deck and tossing a coin....

    71. A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails. • If the card is a face card, and the coin lands on Heads, you win $6 • If the card is a face card, and the coin lands on Tails, you win $2 • If the card is not a face card, you lose $2, no matter...

  • Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win

    Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win. If you win, you win two dollars. On average, you will lose playing this game and each play costs you _______ cents. If you play 200 times, you can expect to lose around _______  dollar .You play roulette betting one dollar on the number 5 each time. The bet pays 35 to 1. You have a 1 in 38 chance to...

  • Boris and Natasha agree to play the following game. They will flip a (fair) coin 5...

    Boris and Natasha agree to play the following game. They will flip a (fair) coin 5 times in a row. They will compute S = (number of heads H – number of tails T). a) Boris will pay Natasha S. Graph Natasha’s payoff as a function of S. What is the expected value of S? b) How much should Natasha be willing to pay Boris to play this game? After paying this amount, what is her best case and worst...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT