Would You Take This Bet?
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2. aaune commented 9 years ago
So, correct me if I'm mistaken, but the message here is that you should take risks in life, because everything in life is a coin toss, right? I'm not stupid, I get the point, but this does not translate well into real life situations (apart from gambling), whichs renders this whole video moot. Dumb.
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6. RetroGrade77 commented 9 years ago
#2 No, most risks in life are not coin tosses. He uses the coin toss to simplify the situation to show how fear (loss aversion) causes us to miss opportunities. He starts with the coin toss but then gradually he improves the net chances of success to get better and better until you see that taking multiple chances guarantees you a net benefit. But you can't get that net benefit unless you take that first bet.
Yes, life is a series of bets but most bets in life are much better than 50/50. At some point risk aversion (fear) can cause you to miss so many opportunities that you lose at life.
Yes, life is a series of bets but most bets in life are much better than 50/50. At some point risk aversion (fear) can cause you to miss so many opportunities that you lose at life.
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7. cameramaster commented 9 years ago
I don't gamble, I'll take a calculated risk though!
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8. loadrunner commented 9 years ago
Even in a 50/50 bet you can lose 100 times in a row.
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10. c0mmanderKeen commented 9 years ago
50/50 is a bad bet of course! Loss aversion may be real, yes, but imagine the bet would be for 1000 and 1500$. Of course you would say no. The bet is still "as good" but in those dimensions it becomes clear that it's dumb. Statistics are not always a good way to make decisions.
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11. schlong commented 4 years ago
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12. JamesSladen commented 3 years ago
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13. ZoeDenver commented 3 years ago
I am a huge gambler, so i would definitely take the bet! I love playing games, especially https://betandslots.com/guides/roulette-table/, which is my favourite game.
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14. Belptly commented 1 year ago
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+8 1. Dmitry commented 9 years ago