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Mathematics, 21.04.2020 15:27 Hjackson24
A "mathematically fair bet" is one in which a gambler bets, say, $100 for a 10 percent chance to win $1,000 ($100 = 0.10 × $1,000). Assuming diminishing marginal utility of dollars, this is not a fair bet in terms of utility because
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A "mathematically fair bet" is one in which a gambler bets, say, $100 for a 10 percent chance to win...
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