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Option A: Take $(x)
Option B: Flip a coin for 1000 times $(x)
What’s the minimum (x) where you take option A?
I would take Option A. No risk involved.No maximum. I would always opt for B. If it was much less than 1000 * (x) I might reconsider.
You’d take a sure one dollar instead of a coin flip for a thousand? Weird.I would take Option A. No risk involved.
You wouldn’t take a sure billion? Weird.No maximum. I would always opt for B. If it was much less than 1000 * (x) I might reconsider.
If I am flipping "for", doesn't that mean I have a chance to lose $1000? If not, than any x > 1 is the answer.You’d take a sure one dollar instead of a coin flip for a thousand? Weird.
If I am flipping "for", doesn't that mean I have a chance to lose $1000? If not, then any x > 1 is the answer.
So you’d take a sure $2 instead of a coin flip to get a free $2000? Weird.If I am flipping "for", doesn't that mean I have a chance to lose $1000? If not, than any x > 1 is the answer.
The actual breakeven is $2. To be profitable $2.01 or greater.You risk nothing at all here out of pocket.
Let’s hear from someone who isn’t breathing paint fumesThe actual breakeven is $2. To be profitable $2.01 or greater.
If not a $1000 was the question. I would take the flip an any amount greater than $2.So you’d take a sure $2 instead of a coin flip to get a free $2000? Weird.
What if x is .001?Let’s hear from someone who isn’t breathing paint fumes
In order to flip for greater than $2, x must be greater than .002. Easy peasant, professor.The actual breakeven is $2. To be profitable $2.01 or greater.
What if x is .001?
Don't play odds and probability with me, son. I'll eat you up.
Double or nothing style bet. The odds are 50-50 flipping a coin.Bird in hand risk.If I am interpreting the question correctly it doesn't really seem to be a statistical one. The coin flip is always the better choice, the question is how much guaranteed money can you convince yourself to turn down while your wife's mom needs that expensive cancer surgery?
Double or nothing style bet. The odds are 50-50 flipping a coin.Bird in hand risk.
Like taking guaranteed return on your investments vs high risk return simplified. Sliding scale of something vs the risk of nothing.