A Game Is Said to Be "Fair" If the Expected

question 33

Essay

A game is said to be "fair" if the expected value for winnings is 0, that is, in the long run, the player can expect to win 0. Consider the following game. The game costs $1 to play and the winnings are $5 for red, $3 for blue, $2 for yellow, and nothing for white. The following probabilities apply. What are your expected winnings? Does the game favor the player or the owner?
$\begin{array} { r | c } \text { Outcome } & \text { Probability } \\\hline \text { Red } & .02 \\\text { Blue } & .04 \\\text { Yellow } & .16 \\\text { White } & .78\end{array}$

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Definitions:

Patient Situation

The overall health condition and context involving a patient, including medical history, current health, and the environment of care.

Risk Taking

The act of undertaking actions that involve danger or risk in order to achieve a goal.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment, characterized by open-mindedness and skepticism of assumptions.

Nursing Care

A range of services provided by trained nursing staff aimed at maintaining or improving the health of patients or clients.