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Answer and comments

Posted By: Bob Koca
Date: Wednesday, 28 April 2010, at 6:33 p.m.

In Response To: Answer and comments (Timothy Chow)

"Finally, let me also point out that if in the roulette game, you were to lose every single time—an unlikely, but not outrageously unlikely, event—you would conclude that your average loss per game was $1 and your confidence would be 100%. Of course, this conclusion is totally wrong."

Saying your average loss per game WAS $1 would indeed be a correct conclusion.

Concluding that the game has a theoretical expected value of -1 would be an incorrect conclusion but to whom are you speaking when you say "you would conclude that ...".

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