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O;f"V vFkZ'kkL=k osQ fl¼kar




                    uksV          ;fn 100 #- thrus dh laHkkouk 20 izfr'kr gS rFkk 100 #- gkjus dh 80 izfr'kr gS rks bls izfrowQy tqvk
                                  (unfair gamble)  dgrs gSaA ;g vkSlru] gkjus dh laHkkO;rk gSA blosQ eqdkcys] ;fn 100 #- gkjus dh
                                  laHkkO;rk 20 izfr'kr gS vkSj 100 #- thrus dh 80 izfr'kr rks ;g vuqowQy tqvk (favourable gamble)
                                  gksrk gSA
                                  vc nks flDdk mNkyus osQ [ksy (coin tossing game) dh rqyuk dhft,] igys [ksy esa] 100 #- gkjus
                                  ;k thrus dh laHkkO;rk 50 izfr'kr gS rFkk nwljs [ksy esa 200 #- thrus ;k gkjus dh leku laHkkO;rk
                                  (50 izfr'kr) gSA nksuksa vuqowQy tq, gSa tks 'kwU; ;ksx (zero sum gamble) tq, gSaa foaQrq nwljs [ksy esa
                                  vfèkd tksf[ke gS D;ksafd ;fn [ksy dh igyh mNky (toss) osQ ckn jksd fn;k tkrk gS rks f[kykM+h igys
                                  [ksy (50 #-) dh vis{kk nwljs [ksy esa (100 #-) vfèkd thrsxk ;k gkjsxkA
                                  tq, osQ izfr O;fDr osQ O;ogkj (Individual Attitudes to Gambling)

                                  tq, osQ izfr rhu izdkj osQ O;fDr osQ O;ogkj gSa tks ,d O;fDr osQ vuqowQy tq, dks Lohdkj djus ;k u djus
                                  ij fuHkZj djrs gSaA

                                  tksf[ke rVLFk (Risk Neutral)
                                  ,d tksf[ke rVLFk O;fDr ckj&ckj [ksyus okyk tqvkjh gS ftldk mn~ns'; viuh thrh xbZ jde dks
                                  vfèkdre djuk gSA mldh ,dek=k fpark mlosQ nk¡o osQ visf{kr ewY; gSaA ,slk blfy, gS fd tc ,d flDdk
                                  ckj&ckj vDlj mNkyk tkrk gS rks ;g vkSlru viuk visf{kr ewY; ykSVkrk gSA
                                  ;g fp=k 28-4 esa fn[kk;k x;k gS ftlesa fcanq A rFkk B dk leku visf{kr ewY; gS rFkk os ckj&ckj [ksyus
                                  okys tqvkjh osQ fy, leku :i ls vkd"kZd gSaA ;g ekudj fd tqvkjh osQ ikl nk¡o yxkus osQ fy, 100
                                  #- gSa vkSj 'kh"kZ (head) vkus dh laHkkO;rk 50 izfr'kr gSA rFkk iV (tail) vkus dh Hkh 50 izfr'kr gS rks
                                  fcanq A ij tq, dk visf{kr ewY; gSμ

                                  E  ¾ 0-50 (100 #-) $ 0-50 (100 #-) ¾ 50 $ 50 ¾ 100 #-
                                    v
                                  fcanq B ij tq, dk visf{kr ewY; gSμ
                                  E  ¾ 0-50 (80 #-) $ 0-50 (120 #-) ¾ 40 $ 60 ¾ 100 #-
                                    v
                                                                     fp=k 28-4


                                                             Rs.
                                                             120
                                                             100            A
                                                             80               B
                                                            Tail  60
                                                             40                    C
                                                             20
                                                              0
                                                                  2040 6080100120140160  Rs.
                                                                        Head


                                  blh izdkj fcanq C ij rFkk vU; fcanqvksa ij ;fn og flDdk mNkyus dk tqvk tkjh j[krk gS rks vkSlru
                                  100 #- gksxkA
                                  ,d tksf[ke rVLFk tqvkjh bZekunkjh laHkkouk (fair odds) viukus osQ ckjs esa rVLFk gksrk gSA ,slk blfy,
                                  gS fd og flDdk mNkyus dk [ksy ckj&ckj vius tksf[ke dk fofoèkhdj.k dj ldrk gS rFkk nh?kZdky esa



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