9.4 Odds and Long-Term Behavior Remember to Silence Your Cell Phone and Put It In Your Bag!

Defining Odds Odds is a way of stating probabilities  For this class, unless asked to do differently, write your odds as simplified ratios in the form a : b

Definition Number 1 Odds in favor of an event A happening P(A) : 1 – P(A) Odds against event A happening 1 – P(A) : P(A)

Definition Number 2  Odds in favor of A Number of ways that A could occur : Number of ways that A could not occur  Odds against A Number of ways that A could not occur : Number of ways that A could occur

Omit Expected Value pp Omit Fair Games pp