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HW 4 - possible outcomes using a single value that reflects...

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Ryan Scarff February 16th, 2010 QMETH HW4 P1 payoff, X probability, P(X) X*P(X)  $-    0.5  $-     $10.00  0.25  $2.50   $20.00  0.15  $3.00   $30.00  0.1  $3.00  A Exp. Value (SUM of X*P(X)):::  $8.50  B C Std Dev.,  ::: σ 10.14 D E Ch. 7 : P1, P2, P3, P6, P8 This is a summary of the various 
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Unformatted text preview: possible outcomes using a single value that reflects their likelihoods. Std Deviation of discrete variables represents the risk, or how far you expect the outcome to be from the mean, or how uncertain the situation is....
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