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"A 50% chance of winning $50 million would equate to an expected value of $25 million." If you hit the green button you either get $50 million or 0$. Hitting t
by gardenhedge 4y ago
"A 50% chance of winning $50 million would equate to an expected value of $25 million."
If you hit the green button you either get $50 million or 0$. Hitting the red button gives $1 million.
Unless you don't want $1 million or don't need it, you're going to hit the red button and not the green button.
- id 4y agoIf you have $100 million to your name, it'd be smarter to hit the green button. It really depends on what you're starting with.
- CrazyStat 4y agoI'd go for the green button if I had $5 million to my name. Another $1 million isn't going to make a huge difference in my life, $50 million would. Somewhere around $3 million is probably where I'd switch buttons.
- BeetleB 4y agoSerious question: There are 20 people in line ahead of you. Each one of them hits the green button, and you physically see that half of them made $25 million. Would you not be tempted to hit the green button? $1 million will make a big difference to me, but in many cities it's not enough to retire on - especially with children. While $25M isn't worth 25x more to me, it's certainly worth a heck of a lot more than $1M.