Re:Why people make dumb financial decisions on purpose
by ghaff on Saturday September 03, 2022 @01:33PM
(#32704121)
It's an interesting question (assuming you know the number of times you get to play up front).
In reality, with these numbers, the best strategy for most people who aren't already very wealthy would probably be to get a sure-fire nest egg and then play the odds.
If you have to play the same every time, I'm not sure. Again, with these numbers, the utility function is looking pretty flat after $20 million for the vast majority of people. And "almost certain" != certain.
In reality, with these numbers, the best strategy for most people who aren't already very wealthy would probably be to get a sure-fire nest egg and then play the odds.
If you have to play the same every time, I'm not sure. Again, with these numbers, the utility function is looking pretty flat after $20 million for the vast majority of people. And "almost certain" != certain.