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Category > Economics Posted 27 May 2017 My Price 5.00

Asa buys a painting. There is a 20% probability that the artist will become famous

Asa buys a painting. There is a 20% probability that the artist will become famous and the painting will be worth $1,000. There is a 10% probability that the painting will be destroyed by fire or some other dis- aster. If the painting is not destroyed and the artist does not become famous, it will be worth $500. What is the expected value of the painting?

 

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Alpha Geek
(8)
Status NEW Posted 27 May 2017 06:05 PM My Price 5.00

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Attachments

file 1495909454-2059859_1_636313627767353584_Joint-probability-pay-off.xlsx preview (144 words )
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