Problem
Two risky gambles were proposed at the beginning of the chapter:
Game 1: Win $30 with probability 0:5
Lose $1 with probability 0:5
Game 2: Win $2,000 with probability 0:5
Lose $1,900 with probability 0:5
Many of us would probably pay to play Game 1 but would have to be paid to participate in Game 2. Is this true for you? How much would you pay (or have to be paid) to take part in either game?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.