Hey I have got a problem with this exercise: probability of win p=0.5. Ticket cost 2. Prize for winners 4. Tom bought 8 tickets. What is an expected value of win?
I will be grateful for help.
2026-04-05 06:36:36.1775370996
expected value of win
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There is no "house advantage" here. If Tom were to purchase a very large amount of tickets, he would win 2 half the time, and lose 2 half the time almost exactly, so the expected value of the game is zero. Tom will not win anything, or lose anything should he buy many tickets. The purchase of only eight tickets, does not change the nature of the game or expected value, but that does not guarantee half of those eight tickets will win; eight is just too small a number. The expected value of a win is actually one (0,5)(2). But a loss is negative one, (0.5)(-2) To find the expected value, you add these two numbers together, which in this case is zero.