# Quick fun poll Topic

Posted by dahsdebater on 7/22/2013 4:15:00 PM (view original):
I have to take the coinflip.  Expectation value 50 times higher is too good of odds to pass up.  I play poker, I'm used to gambling a little if the odds are right.  You call 1 to 5 on a 1 in 3 draw on the river every time if you're a good player.  1 to 100 for a 1 in 2 draw is a no-brainer and a half...
This is right. BUT it's based on the idea that you take advantage of the odds knowing that sometimes you will lose but in the long run you come out ahead. In this case there is no long run. You won't get the same hand/pot odds/etc. ever again. And the million is enough money that you won't regret walking away with it, even if you had a really good shot at \$100 million.

Change the numbers in the poll to \$1,000/\$100,000 (or even \$10,000/\$1 million) and nobody in their right mind ever takes the guaranteed money.
7/22/2013 6:27 PM
I imagine the situation plays into the decision regardless of the amount.    If \$1,000 or \$10,000 is a substantial amount due to the personal circumstances, I could still see people taking the guaranteed money.
7/23/2013 8:37 AM
Posted by MikeT23 on 7/23/2013 8:37:00 AM (view original):
I imagine the situation plays into the decision regardless of the amount.    If \$1,000 or \$10,000 is a substantial amount due to the personal circumstances, I could still see people taking the guaranteed money.
If you're desperate enough to take \$1,000 instead of a 50/50 shot at \$100k, you probably aren't in your right mind.
7/23/2013 9:49 AM
Posted by bad_luck on 7/23/2013 9:49:00 AM (view original):
Posted by MikeT23 on 7/23/2013 8:37:00 AM (view original):
I imagine the situation plays into the decision regardless of the amount.    If \$1,000 or \$10,000 is a substantial amount due to the personal circumstances, I could still see people taking the guaranteed money.
If you're desperate enough to take \$1,000 instead of a 50/50 shot at \$100k, you probably aren't in your right mind.
What part of  Mike's post do you not understand?

To some people, a guaranteed \$1000 might make a significant immediate difference in their life.
7/23/2013 9:59 AM
I understood all of it. See the part where I said, "if you're desperate enough..."?
7/23/2013 10:08 AM
Posted by bad_luck on 7/23/2013 10:08:00 AM (view original):
I understood all of it. See the part where I said, "if you're desperate enough..."?
I guess the "you probably aren't in your right mind" part threw me, because that seems to imply that you don't understand that sometimes personal circumstances force you to do things that you might not otherwise want or need to do.
7/23/2013 10:17 AM
I'm sure those people do.
7/23/2013 10:30 AM
Seems like people can be in a difficult financial situation without being out of their mind.
7/23/2013 10:47 AM
It's funny how "Mr. Sensitive, let's be nice to everybody" can't see that.
7/23/2013 10:52 AM
Honestly, there were dozens of times in college where I had to decide on paying rent or eating something more substantial than rice for the next week.   Taking a grand would have been an easy choice.
7/23/2013 11:09 AM
Posted by MikeT23 on 7/23/2013 11:09:00 AM (view original):
Honestly, there were dozens of times in college where I had to decide on paying rent or eating something more substantial than rice for the next week.   Taking a grand would have been an easy choice.
But you survived without the extra \$1000, right?

Are you saying that, in college, you would have taken the guaranteed \$1,000 instead of the 50/50 shot at \$100,000?

Also, you went to college???

7/23/2013 12:36 PM
If it makes him happy to take the \$1000, why would you want to stop him?

It doesn't affect you or your decision or how much money you have.

What's the harm of letting him take the \$1000?

7/23/2013 12:43 PM
Posted by bad_luck on 7/23/2013 12:37:00 PM (view original):
Posted by MikeT23 on 7/23/2013 11:09:00 AM (view original):
Honestly, there were dozens of times in college where I had to decide on paying rent or eating something more substantial than rice for the next week.   Taking a grand would have been an easy choice.
But you survived without the extra \$1000, right?

Are you saying that, in college, you would have taken the guaranteed \$1,000 instead of the 50/50 shot at \$100,000?

Also, you went to college???

What part of "Taking a grand would have been an easy choice" was too complicated to comprehend?

For someone saying "****, I have \$23.63 left after I pay my bills.   Is that enough to last two weeks?", a grand might as well be a million.
7/23/2013 12:55 PM
Posted by MikeT23 on 7/23/2013 12:55:00 PM (view original):
Posted by bad_luck on 7/23/2013 12:37:00 PM (view original):
Posted by MikeT23 on 7/23/2013 11:09:00 AM (view original):
Honestly, there were dozens of times in college where I had to decide on paying rent or eating something more substantial than rice for the next week.   Taking a grand would have been an easy choice.
But you survived without the extra \$1000, right?

Are you saying that, in college, you would have taken the guaranteed \$1,000 instead of the 50/50 shot at \$100,000?

Also, you went to college???

What part of "Taking a grand would have been an easy choice" was too complicated to comprehend?

For someone saying "****, I have \$23.63 left after I pay my bills.   Is that enough to last two weeks?", a grand might as well be a million.
But it's not a million. You'd likely be in the exact same position in a few months if you take the \$1,000. Or you could take a 50/50 shot at significantly changing your financial outlook for the a long time.
7/23/2013 1:04 PM
Posted by tecwrg on 7/23/2013 12:44:00 PM (view original):
If it makes him happy to take the \$1000, why would you want to stop him?

It doesn't affect you or your decision or how much money you have.

What's the harm of letting him take the \$1000?

I certainly wouldn't try to stop him. I would just allow his choice to validate the opinion I already had.
7/23/2013 1:04 PM
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Quick fun poll Topic

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