In the answer to exercise 18.7, shouldn't the actual odds be 1/3 to 1 (not 3 to 1)?
If I'm wrong, how do you calculate odds? I was trying to use the same logic as in exercise 18.5. Maybe this is why I never win my football bets?
odds or rolling a one (from a fair die)
prob( win ) = 1/6
prob( lose) = 5/6
then the odds would be 5 to 1.
The payoff would have to be $5 for every $1 bet to be "fair odds"
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