>>810915Roulette odds are less than 50/50.
>>810992Since nobody is actually offering you $1m or $5m, it's functionally the same. 2+2 = 4 regardless of whether we're talking dollars, points, or (you)s.
>>811078>>810994A high-million or billionaire would almost certainly take the chance. If you win, you get more money, if you lose, it's more entertaining than harmful. It's not at all foolish on its face to say:
The expected value is higher in the second. It's tautological! Even if you only get one chance.
That doesn't mean you should always pick the highest EV. This is an assumption everyone inserts into the model because it's what
they would obviously do, but people all have different circumstances.
Imagine that instead of millions, we're talking one dollar versus 5. would you really go "yeah, I'll take the dollar" instead of having fun with it? Remember, you're not paying anything to enter: Worst case scenario, you're no worse off.
>>811088This however is actually a good point and ties in to
why there are good reasons not to take the higher EV. It's criminal it's taken this long for someone to articulate it.