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Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn
Edition 18ISBN: 9780073365954Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn
Edition 18ISBN: 9780073365954 Exercise 18
A mathematically "fair bet" is one in which a gambler bets, say $100, for a 10 percent chance to win $1000 ($100 =.10 x 1000). Assuming diminishing marginal utility of dollars, explain why this is not a fair bet in terms of utility. Why is it even less fair a bet when the "house" takes a cut of each dollar bet So is gambling irrational
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It is even a less fair bet when the hous...
Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn
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