Calculating Expected Values for Buying Lottery Tickets A and B

Calculating Expected Values for Buying Lottery Tickets A and B lottery expected value The expected value when you purchase a lottery ticket is -$, and the cost of the ticket is$ Determine the fair price of the lottery ticket lottery complaints Expected value is the probability multiplied by the value of each outcome For example, a 50% chance of winning $100 is worth $50 to you (if you don't mind the

lottery complaints If you buy one ticket you win 8,999,998 with probability 13×106, and you lose 2 with probability 3×106−13×106, making the expected value of a

lottery result ss396 Given the numbers: p being 1 in million, V=$700 million, and C=$2, this distinction is crucial The expected value for the simple case N=1 Title:Maximizing the Expected Value of a Lottery Ticket: How to Sell and When to Buy Abstract:Unusually large prize pools in lotteries like