An in-class exercise that involves the famous TV game of Deal or No Deal?? is used to illustratedecision trees and the concept of expected monetary value and expected utility value. It is shownthat contestants should set their expectations on a certain amount of money to win rather than useexpected values of earnings. It is then explained how the game is turned into a classroomexercise for groups, with five suitcases holding bonus homework points rather than money. AnExcel template with macros is shown to make it easy for the professor to play the game withstudent groups.
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