Which would you choose?
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Imagine the social destruction that would be wrought if aliens came down and made this game a reality. The previously poor people who then proceed to lose the bet for 50 million would revolt. But then we’d pass legislation to allow them to partake. But economically if half the people have 50 million, then you’re still poor at 1 million and only above average at 50 million.
But I guess that’s not the point of the exercise. How would you decide if you were the only one given the choice? Rational people would choose whichever would make the most meaningful improvement in their lives. If I was poor with no prospects, maybe I’d take the million. But probably not. I bet a large majority would take the possible 50 million.
Education is extremely important.
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Imagine the social destruction that would be wrought if aliens came down and made this game a reality. The previously poor people who then proceed to lose the bet for 50 million would revolt. But then we’d pass legislation to allow them to partake. But economically if half the people have 50 million, then you’re still poor at 1 million and only above average at 50 million.
But I guess that’s not the point of the exercise. How would you decide if you were the only one given the choice? Rational people would choose whichever would make the most meaningful improvement in their lives. If I was poor with no prospects, maybe I’d take the million. But probably not. I bet a large majority would take the possible 50 million.
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Wow, great question!
I think I'd go with 50% chance of 50MM. With the instant million, I'd lose over half to the IRS anyway, which would have the irrational and unreasonable effect of taking a lot of the fun out of it, and with the 50% chance, if I lost I wouldn't be any worse off.
And if I won I could buy the car vac!
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This is basically just a clever variation of "how much money do you have."
Please love yourself.
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This is basically just a clever variation of "how much money do you have."
@Aqua-Letifer said in Which would you choose?:
This is basically just a clever variation of "how much money do you have."
True, although a bit more generic, I took it as a "are you comfortable enough now to not have the million?" for me, yes...but I'm also still working. If I won the $50MM I would retire immediately, play golf each day, post on TNCR... wait, @Copper you're living the dream!
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@Aqua-Letifer said in Which would you choose?:
This is basically just a clever variation of "how much money do you have."
True, although a bit more generic, I took it as a "are you comfortable enough now to not have the million?" for me, yes...but I'm also still working. If I won the $50MM I would retire immediately, play golf each day, post on TNCR... wait, @Copper you're living the dream!
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You can use this to see if your $50MM bet was worth it. For me? I lost.
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I would go for the $50 Million, but I'd sell @jon-nyc the opportunity to go in half for a mere $500K...
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This is basically just a clever variation of "how much money do you have."
@Aqua-Letifer said in Which would you choose?:
This is basically just a clever variation of "how much money do you have."
Yep.
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Suppose we change the choices to:
“Instant $1 Billion” vs. “50% chance to get $50 Billion”
What will it be?
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Suppose we change the choices to:
“Instant $1 Billion” vs. “50% chance to get $50 Billion”
What will it be?
