Mathematics, 16.10.2020 06:01 justnbri
You win an 'Economics of Thrones' contest and are faced with the following
compensation choices:
Option A: Receive a guaranteed payment of $100 thousand.
Option B: Toss a fair 5 sided Phoenix pyramid to determine compensation:
lands Phoenix Head - receive compensation of $50 thousand.
lands Phoenix Tail - receive a compensation payment of $ 25 thousand
lands Phoenix Fire - receive a compensation payment of $ 125 thousand
lands Phoenix Death - receive a compensation payment of $ 500
lands Phoenix Rising - receive compensation payment of $ 500 thousand
What is the expected value of the Phoenix pyramid toss? What option (A or B) would you choose? Explain your economic "risk preference' rationale behind your choice. Give an example of an event that would cause you to change your option choice?
Answers: 2
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You win an 'Economics of Thrones' contest and are faced with the following
compensation choices:
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