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Statistics Spinoff Thread: How much would you pay to play this "game of chance"
Posted on 1/15/16 at 1:16 pm
Posted on 1/15/16 at 1:16 pm
Game Rules:
-Pot size starts $2
-Flip a perfectly "fair coin" with exactly 50/50 chance of heads/tails
-Flipping heads doubles the pot size and lets you flip again
-Flipping tails ends the game you receive a payout the size of the pot
How much money would you pay to play this game one time?
How much money would statistics suggest you pay to play?
-Pot size starts $2
-Flip a perfectly "fair coin" with exactly 50/50 chance of heads/tails
-Flipping heads doubles the pot size and lets you flip again
-Flipping tails ends the game you receive a payout the size of the pot
How much money would you pay to play this game one time?
How much money would statistics suggest you pay to play?
This post was edited on 1/16/16 at 4:48 pm
26
Posted on 1/15/16 at 1:18 pm to GenesChin
10 bucks
Posted on 1/15/16 at 1:18 pm to GenesChin
$3.50
Posted on 1/15/16 at 1:19 pm to GenesChin
$3
Posted on 1/15/16 at 1:19 pm to GenesChin
$0. Win every time.
Posted on 1/15/16 at 1:19 pm to GenesChin
quote:
-Flipping heads doubles the pot size and lets you flip again
-Flipping tails ends the game you receive a payout the size of the pot
This is a no lose situation, worst case you lose on the 1st flip and get your money back.
Posted on 1/15/16 at 1:19 pm to GenesChin
$2
Posted on 1/15/16 at 1:20 pm to GenesChin
I play heads or tails with my friends all the time when we're drinking. Last time I won 20$. Usually play 1 or 2$ a bet.
Posted on 1/15/16 at 1:21 pm to GenesChin
$3
Posted on 1/15/16 at 1:22 pm to DoUrden
quote:
This is a no lose situation, worst case you lose on the 1st flip and get your money back.
Yeah I'm not understanding something about this game I guess.
If you put in $2 and win the flip, what doubles the pot?
If you lose the flip you just get your money back?
Posted on 1/15/16 at 1:23 pm to GenesChin
quote:
How much money would statistics suggest you pay to play?
Does this mean if I were the house how much would I charge for an initial bet to ensure profitability?
Posted on 1/15/16 at 1:24 pm to DoUrden
quote:
This is a no lose situation, worst case you lose on the 1st flip and get your money back.
what happens after you flip a few tails in a row? a pot size of 2$ just turned to 20$. are you really going to risk 20$ on a coin flip? I'm also assuming once you lose the next person gets to flip the coin.
Posted on 1/15/16 at 1:25 pm to TheAlmightySmash
quote:
what happens after you flip a few tails in a row? a pot size of 2$ just turned to 20$.
How if "Flipping tails ends the game you receive a payout the size of the pot"?
Posted on 1/15/16 at 1:26 pm to GenesChin
quote:
How much money would statistics suggest you pay to play?
The expected value is infinite, right?
Posted on 1/15/16 at 1:26 pm to terd ferguson
This game makes no sense.
1. The pot doubles
2. If it doesn't then you get the pot
Unless I'm reading this wrong
1. The pot doubles
2. If it doesn't then you get the pot
Unless I'm reading this wrong
This post was edited on 1/15/16 at 1:27 pm
Posted on 1/15/16 at 1:29 pm to jimbeam
quote:
This game makes no sense.
1. The pot doubles
2. If it doesn't then you get the pot
Unless I'm reading this wrong
It doesn't make sense.
If you put in $2 and flip tails you lose but get your $2 back. If you flip heads the pot doubles... but where does that come from? And let's say I flip heads 3 times and now I'm at $16 and then I flip tails and lose. Well I get a payout the size of the pot so I end up with $16.
So either you lose but get your money back or you win and somehow your money magically doubles... until you lose at which point you get to keep all the money.
The way this game is described in the OP the only person/entity losing is the one making your money double every time you win.
This post was edited on 1/15/16 at 1:30 pm
Posted on 1/15/16 at 1:32 pm to terd ferguson
quote:No one said you put in $2. That is the question. How much would you pay to play?
It doesn't make sense.
If you put in $2
Posted on 1/15/16 at 1:32 pm to GenesChin
The bigger question is where is the money that is doubling the pot coming from??
Posted on 1/15/16 at 1:35 pm to terd ferguson
The house puts in all the money, including the original $2. The question is, how much would you be willing to bet to play the game. Or if you are running the game how much should you require someone to pay for a chance.
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