Re: Econ HW - Expected Value
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Ok, that makes sense. Maybe I'm thinking too much in probabilities?
How would this relate to the EV of a flip of a coin? Could you show me that? I know it's .5, but I'd like to see how we do that too.
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EV= probability times value: the probability is .5, but there is no true value, like a dice has a set value of 1,2,3... etc. but there is no set values for a coin. If you set heads=1 and tails=0, then the EV=.5 for a fair coin, but for a normal, unspecified situation stating the EV is kinda strange... if you know what I mean.
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