Problem

Let X = the outcome when a fair die is rolled once. If before the die is rolled you are...

Let X = the outcome when a fair die is rolled once. If before the die is rolled you are offered either (1/3.5) dollars or h(X) = 1/X dollars, would you accept the guaranteed amount or would you gamble? [Note: It is not generally true that 1/E(X) = E(1/X).]

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