Project #35419 - Discussion Question

The laws of probability are often discounted or even ignored by humans. For example, many people participate in gambling activities even though the expected value for the players is negative as the rules are set so the 'House" must win if enough participants can be enticed to enter the game. In fact, casinos and lotteries advertise the large winnings of the few who actually win as that attracts even more people to participate. People will travel many miles to participate in some gambling activities, particularly if the potential prize is attractive even though the probability of winning is so small that it's effectively zero. It has been stated that gambling is a tax on mathematically challenged individuals and that does seem appropriate given state run lotteries.

Similarly, people tend to dismiss the probability that other risky behavior can lead to negative outcomes. Many people smoke cigarettes, drive while intoxicated or texting, refuse to exercise, etc. even though studies show these activities have much higher probabilities of negative outcomes

 

 

This IS BUSINESS STATISTICS MBA COURSE----300 WORD COUNT WITH REFERENCE APA FORMAT

Subject Business
Due By (Pacific Time) 07/16/2014 12:00 am
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