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    namm's Avatar
    namm Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 23, 2005, 07:31 AM
    Statistics@ Jar of coins expected value
    :confused:

    there is a jar of coins where after much discussion and taking the guesses for each person in the class, you arrive at the conclusion that the probability distribution for the number of coins is normal with a 160mean + a standard deviation of 60 coins.

    What guess should the class make in order to maximise their expected gain?


    What is the expected gain and how to we get this answer?
    reinsuranc's Avatar
    reinsuranc Posts: 92, Reputation: 6
    Junior Member
    		  
    #2

    Jan 5, 2006, 12:35 AM
    I don't know what you mean by expected gain here.

    The expected value is the mean, 160.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #3

    Jan 5, 2006, 01:07 AM
    If the mean is 160, with a S.D of 60 and a normal distribution, the class should guess anywhere between 160 +-60

    So between 100 and 220
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