Transcript Fair Game Examples

Fair Games
Why Fair Games?
Fair Game Examples
Random Number
Generator
Probable Outcomes
Probable Outcome
Examples
Resources
Probability Evaluation
11/12th Grade Statistics
A fair game is a game or situation in
which each person is equally likely to “win”.
For a single player, this means the expected
payout of the game is 0. For multiple players,
each player has the same expected payout.
For determining expected value/payout check
out this video:
https://www.khanacademy.org/math/probabi
lity/random-variablestopic/random_variables_prob_dist/v/expecte
d-value--e-x
Fair Games
When thinking about games for
entertainment purposes, fair games are
important because no player wishes to play
at a disadvantage. In gambling, unfair games
could lead to a loss of money, so determining
the fairness of a game is important in
deciding whether or not to play. There are a
few ways that unfair games can be made fair
through random number generators.
Why Fair Games?
Some fair games include chess and
Stratego, where the amount of complexity
makes the chances equally likely. The lottery
is both fair and unfair. Each person has the
same chance to win, but for each person the
lottery is unfair because they are expected to
lose. All casino games are unfair: “The house
always wins”. Monopoly, LIFE, and most card
games are fair games due to
random chance.
Fair Game Examples
Random Number Generators can make
games fair or assist in making them fair.
Common random number generators
include flipping a coin and rolling dice. For
larger situations such as the lottery, an
actual machine which generates random
numbers is used. This can be found easily
on a computer or calculator.
Random Number Generators
Similar to expected value, probable
outcome is the expected result from a course
or several courses of action. Probable
outcome is usually associated with objective
terms instead of mathematical terms. They
are determined by assigning probabilities to
payoff values and determining expected
value as normal. People make decisions
based on probable outcome all the time
without realizing it.
Probable Outcomes
An everyday probable outcome
determination can be as simple as this: “I don’t
think we should go to the beach because it is
going to rain.” More complex would be like this:
“How long will my new computer last?” Common
complex probable outcome instances include the
stock exchange, betting on races and other
events, and insurance companies. An example
and explanation of a complex probable outcome
situation: https://www.khanacademy.org/math/probability/randomvariables-topic/random_variables_prob_dist/v/term-life-insurance-anddeath-probability
Probable Outcome Examples
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Image slide 1: http://www.pokergamingproducts.com/Jumbo-Slot-MachineBank.html
Image slide 3: http://fitnowtraining.com/2011/01/deck-of-cards-workout/
Image slide 4: http://it.wikipedia.org/wiki/File:Monopoly_logo.png
Definitions from:
http://www.icoachmath.com/math_dictionary/mathdictionarymain.html
Video linked in slide 2: https://www.khanacademy.org/math/probability/randomvariables-topic/random_variables_prob_dist/v/expected-value--e-x
Video linked in slide 7: https://www.khanacademy.org/math/probability/randomvariables-topic/random_variables_prob_dist/v/term-life-insurance-and-deathprobability
Resources