Make up a game with at least 2 independent events (use cards, coins, die, balls in an urn or anything else along those parameters.
List all the possible outcomes and each outcome’s probability.
Assign a payout to each outcome. Assume the player is paying to pay. You can have outcomes with no payouts, but you won’t usually have outcomes where the player has to pay more.
Calculate the expected value of your game.
How much would you charge to play the game. You want to entice the player to think he/she has a chance to make money, but make sure in the long run that you make money.
If you played 100 rounds of your game, how much would you win? How much would the players lose?
Homework 4.5 Make up a game with at least 2 independent events (use cards, coins, die, balls in an urn or anything else along those parameters. List all the possible outcomes and each outcome’s probability. Assign a payout to each outcome. Assume the player is paying to pay. You can have outcomes with no payouts, but you won’t usually have outcomes where the player has to pay more. Calculate the expected value of your game. How much would you charge to play the game. You want to entice the player to think he/she has a chance to make money, but make sure in the long run that you make money. If you played 100 rounds of your game, how much would you win? How much would the players lose?