Would the person buy the lottery ticket, Mathematics

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Would the person buy the lottery ticket

In California, the lottery ticket costs $1. Jackpot prize is $5800000. Assume that chance of winning jackpot is 1 in 1000000. Assume that Californian assigns indifference probability of 0.000001 to $0 payoff. Based on expected utility approach, would the person buy the lottery ticket and why?

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Mathematics: Would the person buy the lottery ticket

Reference No:- TGS0866943

Have a Question? (oR Write a Review)

Recent Questions Asked Mathematics

Q : Find administrative cost assigned to operating department

Q : Determine incremental income from selling units as scrap

Q : How much to have in account at end of twenty years

Q : Determine optimal decision based on expected value approach

Q : Would the person buy the lottery ticket

Q : Determine optimal strategy for every army

Q : Compute percentage about survey fell in standard deviation

Q : Explain one way us financial markets impact economy

Q : Determine minimum-cost blend of three beans

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Request for Solution File

Ask an Expert for Answer!!

Mathematics: Would the person buy the lottery ticket

Reference No:- TGS0866943

Recent Questions Asked Mathematics

Q : Find administrative cost assigned to operating department

Q : Determine incremental income from selling units as scrap

Q : How much to have in account at end of twenty years

Q : Determine optimal decision based on expected value approach

Q : Would the person buy the lottery ticket

Q : Determine optimal strategy for every army

Q : Compute percentage about survey fell in standard deviation

Q : Explain one way us financial markets impact economy

Q : Determine minimum-cost blend of three beans

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