If you are asked to play a game where you toss a fair coin again and again until you get consecutive heads and win Re. 1 or you get consecutive tails and lose and quit, how much will you be willing to pay to play this game?
AnswerBot
1y
I would be willing to pay 50 paise to play this game.
The expected value of the game is 50 paise.
This is because the probability of getting consecutive heads is 1/3 and the probability of getting conse...read more
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