Year 12s: what will be the first way you research your future options? >>

Would you rather?

hihihihihi

Would you rather have:
1, a 100% chance of winning £10,000
or
2, 50% chance of winning £50,000

One chance only!

(edited 8 years ago)

Reply 1

Jonny360

50% chance of £50,000 :biggrin:

Reply 2

phoenixsilver

Original post by hihihihihi

Would you rather have a 100% chance of winning £10,000 or 50% chance of winning £50,000?

100% of winning £10,000
then I'd repeat
5 times

#won

Posted from TSR Mobile

(edited 8 years ago)

Reply 3

hihihihihi

Would go with the 50% chance of the £50k, yolo.

Reply 4

alex_cs

0.5 * £50,000=£25,000
£25,000 > £10,000
So option 1 is the most rational choice

Reply 5

PinkMobilePhone

Volunteer Team

100% chance of winning £10,000

Reply 6

deedee123

100% chance of 10,000

None sorry m8 :hand:

Original post by alex_cs

0.5 * £50,000=£25,000
£25,000 > £10,000
So option 1 is the most rational choice

Only if you were going to repeat the process many times, then you can use expected values like that.

Reply 9

username1560589

Original post by hihihihihi

Would you rather have:
1, a 100% chance of winning £10,000
or
2, 50% chance of winning £50,000

One chance only!

50% chance of winning £50000.

Original post by Awesome Genius

Only if you were going to repeat the process many times, then you can use expected values like that.

You can use them, can't rely on them completely because risk is introduced when using small samples eg. For one run of the process, few people would choose a 10^-50 chance of winning £10^56 over the options above. (few rational people anyway, lottery players aside)