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> For example, suppose you have a 1-in-a-million chance of winning $10 billion, but it costs $1000 to play. Should you play? I'd happily take those odds.
by morgante 11y ago
> For example, suppose you have a 1-in-a-million chance of winning $10 billion, but it costs $1000 to play. Should you play?
I'd happily take those odds.
- dsjoerg 11y agoIt's not only the odds but the magnitude of the bet that matter. Because losing $1000 wouldn't bother you much, you're happy to do it. But scale the proposition up enough, perhaps 10^3, and you wouldn't be so relaxed about it. E.g. 1-in-a-million chance of winning $10 trillion, but it costs $1 million to play.