Expected payoff example: lottery ticket

Expected payoff example: lottery ticket lottery expected value Given the numbers: p being 1 in million, V=$700 million, and C=$2, this distinction is crucial The expected value for the simple case N=1 lottery sambad dijiye lottery sambad The expected value argument only really works in the long term

lottery sambad dijiye lottery sambad For any given decision you might make , you multiply the value and probability of each possible outcome, then add across all

lottery result 9 8 2023 Title:Maximizing the Expected Value of a Lottery Ticket: How to Sell and When to Buy Abstract:Unusually large prize pools in lotteries like If you buy one ticket you win 8,999,998 with probability 13×106, and you lose 2 with probability 3×106−13×106, making the expected value of a