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Funny pic/gif thread...
- Thread starter dfweyer
- Start date
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You would be crazy not to.
Would you bet $1 to win $100 on a coin flip? There's not a person alive that wouldnt take those odds.
Jason
It's not quite the same. 1$ would not change anyone's life. 1 million would be life changing for most people.
Red 100%.
Even if the green button gave a 90% chance of winning, I would push the automatic million-dollar red button, which goes against my well-established, ingrained, gambling spirit. Been on a losing streak in life these days, as if luck or good fortune, or whatever you wanna call it, has gotten lost on a dirt road leading to nowhere.
Happiness
In poker they call this “Happiness Expected Value”. The difference in happiness between winning 1mil vs 100mil is less than the difference between winning 1mil and getting nothing. Therefor from a happiness standpoint it is correct to take the 1mil for most people.
One key to maximizing profits is to ensure happiness EV aligns with $EV as much as possible. For example, playing within your bankroll and comfort zone allows you to make correct plays, be they big blufffs or speculative calls. Otherwise you can end up sacrificing $ in an effort to avoid the suffering of negative variance beyond your tolerance.
Then again, I’m a nit...
In poker they call this “Happiness Expected Value”. The difference in happiness between winning 1mil vs 100mil is less than the difference between winning 1mil and getting nothing. Therefor from a happiness standpoint it is correct to take the 1mil for most people.
One key to maximizing profits is to ensure happiness EV aligns with $EV as much as possible. For example, playing within your bankroll and comfort zone allows you to make correct plays, be they big blufffs or speculative calls. Otherwise you can end up sacrificing $ in an effort to avoid the suffering of negative variance beyond your tolerance.
Then again, I’m a nit...
So true. And we each have a different max amount that we'd be willing to chance on a coin toss, even with a 100 to 1 payout. One person might go as high $10,000 for a 50% chance of 1 million, while another would only put $100 down for a 50% chance at 10 grand.
The buttons are different though. You lose nothing out of your pocket. It's either free money or no money. You either win a guaranteed million or flip a coin and take a chance on 100 million or nothing. If you'll be ok with nothing, flip the coin. Here's what I would do if the sponsor liked my offer: I'd take the guaranteed million, then bet half of it on a coin toss for the 100 million. :thumbup: It's a win win.
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There’s more than one way to look at it.
When I was a kid, the rule of thumb was the first 50Gs was the hardest part to acquire
on the way to becoming a millionaire.
So with the guaranteed million, you have the means to get what you want.
The quality of a life style.....a million is much closer to a hundred milllion than being broke
is to being a millionaire.
I’m taking the million...instead of getting my hand stuck in the cookie jar..and getting zilch.
The lesser the amounts are, the more you gamble on the bigger amount.
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Not
You can have a lot of fun with a million $ you can't have much fun with a buck. I'll take the million and never look back.
You can have a lot of fun with a million $ you can't have much fun with a buck. I'll take the million and never look back.
This is an example of most people making the wrong decision because of emotions instead of math, and the mindset that they'll finally do the "right thing" with their money to make it grow when they've already started out with the wrong decision.
I understand the reasoning, it's just thst there's no reasoning being applied.
Jason<-----cant say for sure until somebody said flip it
I understand the reasoning, it's just thst there's no reasoning being applied.
Jason<-----cant say for sure until somebody said flip it