Define fair game

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a) Define fair game. [Note: the definition must be of no more than two lines.]

b) How are the concepts of risk-aversion, risk premium and fair game related? [Note: No definition of each term is required; just need to show their relations. Keep the answer concise.]

c) How is gambling related fair game? [Note: This question can only be answered clearly if gambling is defined clearly.]

Reference no: EM133054107

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