This problem was presented in a philosophy class. I don't have much prob/stat background, so I want to make sure I understand it correctly.

I did some googling and found this resource on

Expected Utility:

Based on that Theorem, here is what I have done:

$\displaystyle X = \text{Gain } \$60$

$\displaystyle p = \frac{1}{6} \times 100$

$\displaystyle Y = \text{Lose } \$12$

$\displaystyle q = \frac{5}{6} \times 100$

$\displaystyle EV=pX+qY$

Then we have

$\displaystyle EV=\frac{1}{6} \times 100 \times 60 + \frac{5}{6} \times 100 \times -12$

$\displaystyle EV=1000 - 1000$

$\displaystyle EV=0$

So, based on that formula the expected value would be zero. So you don't stand to gain anything by playing. Is that correct?