Variance is frequently used measure of dispersion for the probability distribution of a random variable. Furthermore, variance is often seen as a measure of risk. What do you think this example is trying to show you?

Variance is frequently used measure of dispersion for the probability distribution of a random variable. Furthermore, variance is often seen as a measure of risk. What do you think this example is trying to show you?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.3: Binomial Probability

Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...

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Question

Consider two lotteries. Lottery A is such that an individual receives a prize of 1 unit of a consumption good with 80% probability and 100 units of the consumption good with 20% probability. Lottery B presents the winner with a prize of 10 units of a consumption good with 99% probability and a prize of 1090 units of the consumption good with 1% probability.

Variance is frequently used measure of dispersion for the probability distribution of a random variable. Furthermore, variance is often seen as a measure of risk. What do you think this example is trying to show you?

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