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Flip to reveal answersWhen is a game fair?
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All 3 Flashcards — Fair games & expected money
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Question
When is a game fair?
Answer
When the expected net gain E(X) = 0.
Question
How do you find a fair prize?
Answer
Let X be the net gain, set E(X) = 0, and solve for the prize.
Question
What should X be in a game (gain) problem?
Answer
The net gain — include any cost or loss.
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Full study notes for Fair games & expected money
Topic 4.7 hub
Discrete random variables
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