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Test for deterministic and first-order dominance

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Reference no: EM131757930

Question: Consider the following two deals.

I. Roll a die you believe has equal probability of 1 through 6. If it lands on 1, you receive $100; otherwise you receive 0.

II. Toss a coin with equal probability of heads or tails. If it lands as heads, you receive $ 100; otherwise you receive 0.

a. Plot the probability distribution and cumulative probability distribution of each deal.

b. Test for deterministic, first-order, and second-order dominance.

c. Are you guaranteed a better outcome with one deal over the other?

Reference no: EM131757930

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