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anonymous
 one year ago
Bill and Larry toss two coins. If both coins come up heads, Bill pays Larry $4. Larry pays Bill $1 otherwise.
Question: Bill and Larry play the game 100 times, and Larry comes out $23 ahead. Use only empirical information to estimate the expected value of this game for Bill and the expected value for Larry.
anonymous
 one year ago
Bill and Larry toss two coins. If both coins come up heads, Bill pays Larry $4. Larry pays Bill $1 otherwise. Question: Bill and Larry play the game 100 times, and Larry comes out $23 ahead. Use only empirical information to estimate the expected value of this game for Bill and the expected value for Larry.

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misty1212
 one year ago
Best ResponseYou've already chosen the best response.1just use the data, not the true probabilities right? guess that other info is there to confuse you

misty1212
 one year ago
Best ResponseYou've already chosen the best response.1Larry wins $23 so i guess Bill loses $23 averaged over the 1000 games his expected value is \[\frac{23}{1000}=0.023\]

misty1212
 one year ago
Best ResponseYou've already chosen the best response.1and for larry it is the same, but positive \[0.023\]

misty1212
 one year ago
Best ResponseYou've already chosen the best response.1about \(2.3\) cents per game

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0thank you so much!! @misty1212
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