Guidolin, Massimo; Rinaldi, Francesca - Federal Reserve Bank of St. Louis - 2009
that
P(B
1
) >P(B
2
) P(R
1
) >P(R
2
),
where P(E) is the probability of event E. If the experiment subjects were … instance, a bet–call it f–that pays $1 if the second coin lands with heads
up, or equivalently if the event {HH,TH} obtains …, a bet–call it g–that
pays $1 if the first coin lands with heads up, or equivalently if the event {HH,HT} obtains is …