Eco 5340 Decision Making Under Uncertainty Problem Set 4 Measures Of Risk Spring

Decision Making Under Uncertainty

Problem Set 4. Measures of Risk

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1. Consider the following two random variables: X

~

has a (continuous) uniform density on [-1, 1],

while Y

~

is a discrete random variable defined by ( -1, 1 ; 1/2, 1/2 ).

1.1 The mean of X

~

is ______, and the mean of Y

~

is _______.

1.2 The variance of X

~

is ______, and the variance of Y

~

is _______.

1.3 In the diagram below, draw the density function of X

~

, and the probability distribution of Y

~

.