Science & Mathematics Time to test your greed

[Flawed Genius]

Reminds me of this.

Thanks to Thistle for the image.

Which would you take? Why?

 

[Igloo]

I am a poor, poor man.

Instant $1 million dollars please.

 

[Quivorir]

Instant mil for me too please.

 

[RoosterLad]

Give me a million cash.

 

[checkraiseulite]

coinflip for $100m. AINEC. make public too imo.

 

[Flawed Genius]

I suppose the next question would have to be - what percentage of success would the 100m offer have to increase to in order for you to have a crack?

 

[Nothing]

coinflip for $100m. AINEC. make public too imo.

Yep. $1m would not mean never working again. I'd lose and it would eat me up thinking I could have had $1m but it's the right choice, mathematically. Of course, if it was $10m or coin flip $100m and I'd take the $10m as that is enough to set me up for life.

 

[Plugger35]

I'd go for 50% chance of $100 million and if I miss out I'll just steal a million off one of the non greedy f***ers.

 

[Cleavy]

probability of 100% that I would want to smack Andrew O'Keefe upside the head.

 

[zimma]

Instant 1 million, starting off rest of my life owning a nice house, a reliable modest car and being able to pay for University fees up front is enough for me. I have no desire to be filthy rich or to roll in a Lamborghini, I would settle for being able to live the rest of my days without financial stress.

 

[hawkaz1]

Would have to have a 70% chance of winning the $100 million for me to turn down the certain million. I can think of a lot of beneficial things I could do with $1 million, not so sure that I'd be able to put $100 million to good use.

 

[Bluelegs]

I'd find a bunch of people, like 10 at least. Then we'd all pick a 50% chance at getting $100 million, then split the winnings.

 

[radiojake]

$1m would not mean never working again.

What kind of crazy expenses do you find yourself with?

$1million would set me up for my entire life...

This choice is a no-brainer

 

[carn tigez]

Being crazy rich without earning it doesn't really appeal to me. I could imagine life lacking direction very quickly. $1 mil is an amount where you would have a lot, but not everything, and would need to work if you wanted the chance to live a 'rich' life. You still get a chance to earn something for yourself.

 

[Nothing]

What kind of crazy expenses do you find yourself with?

$1million would set me up for my entire life...

This choice is a no-brainer

Do you own a home outright? Do you like nice things? Do you like to travel? Are you single or do you have a family?

$1m with provide a recurring income stream of ~$50K per annum pre-tax for about 45 years. It can provide for a lifestyle, I just would like a better lifestyle than what that would provide. If I owned a home outright and was single then $50K would possibly be enough.

 

[Big Cox 88]

Def take the 1 Million and run, it wouldn't allow me to stop working but having a house, new car, no HECS and cash left over would be really handy way to start out my working life.

 

[Doss]

One million, definitely.

As to your second question, Flawed Genius, it would want to be probably a 90% chance of the 100 million before I would even consider the second option. I ain't made of money, so one million is hell of a lot of money for me. It is to most 24 year olds.

 

[Happy_Neale]

Million, straight up.

 

[Marlowe]

I'll take the one million Straight cash, homie!

 

[Sanders]

Probability says one option is worth $1m the other $50m

I'll take the bigger one

 

[Stratton_Gun]

Il have to take the 1mil only because knowing my luck I would get bubkis if i took the chance

 

[carn tigez]

Probability says one option is worth $1m the other $50m

I'll take the bigger one

Correct, but in the long term. We don't get a long term, just a short term 1 one off.

So it's either 0, or 100. 50% chance.

 

[Sanders]

Correct, but in the long term. We don't get a long term, just a short term 1 one off.

So it's either 0, or 100. 50% chance.

Its not long or short term, just a discreet calculation

 

[carn tigez]

Its not long or short term, just a discreet calculation

Mathematically correct, but the reality is you will either get $100 million or $0.

To me, the marginal benefit of gaining $100 million over $1 million is very low compared to the marginal benefit of gaining $1 million over $0. Low enough to make me choose the $1 million comfortably.

 

[BomberFletch31]

I suppose the next question would have to be - what percentage of success would the 100m offer have to increase to in order for you to have a crack?

It depends on the safety net. Even if it's a 99% chance of 100 million and a 1% chance of absolutely nothing, vs 100% chance of 1 million, I'll take 1 million thanks.

If there was a "safety net" in the event that I miss out on 100 million, then I'd be willing to gamble.