The probability that the New York Yankees will win their baseball game tomorrow is objectively determined to be 0.4. If they win, then tomorrow I will flip a coin to determine a monetary payout that you will receive: if the flip is Heads, you win $0, while if it is Tails, you win $20. If the Yankees do not win, then I will roll a 6-sided die (assume each side is equally likely to be rolled). If the die roll is an even number, you will win $40. If it is an odd number other than 1 (i.e., a 3 or a 5), then you will win $20, and if it is a 1, you will win $0." Fill in the blanks below for the reduced lottery that corresponds to this compound lottery (write in decimals). R = ( , $0; , $20; , $40)
The
Fill in the blanks below for the reduced lottery that corresponds to this compound lottery (write in decimals).
R = ( , $0; , $20; , $40)
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