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re: Statistics Spinoff Thread: How much would you pay to play this "game of chance"
Posted on 1/15/16 at 1:36 pm to PearlJam
Posted on 1/15/16 at 1:36 pm to PearlJam
quote:
No one said you put in $2. That is the question. How much would you pay to play?
The way it's described it doesn't matter... actually the way it's described I'd put in as much as I had.
If I put in $1,000,000 and I flip tails I get my $1M back.
If I put in $1,000,000 and I flip heads I win and somehow the pot goes to $2M. Then if I flip tails and lose I get to keep the $2M pot.
So yeah... as much as possible is what I'd bet bc I'm keeping the magically doubling pot no matter what.
3
Posted on 1/15/16 at 1:37 pm to GenesChin
I would pay 2 bucks to play.
"Statistics would suggest" 1.99 or less, I would presume.
"Statistics would suggest" 1.99 or less, I would presume.
Posted on 1/15/16 at 1:37 pm to Aux Arc
quote:
The question is, how much would you be willing to bet to play the game.
All of it if I get to keep the pot when I lose.
quote:
Or if you are running the game how much should you require someone to pay for a chance.
I wouldn't run this game if the loser gets to keep the pot. I'd lose every time.
Posted on 1/15/16 at 1:37 pm to terd ferguson
quote:No. You get $2 dollars. You aren't contributing to the pot. You are playing a game.
If I put in $1,000,000 and I flip tails I get my $1M back
Posted on 1/15/16 at 1:37 pm to terd ferguson
quote:
If I put in $1,000,000 and I flip tails I get my $1M back.
No. If you risk $1,000,000 to play and flip tails, you get $2.
Posted on 1/15/16 at 1:38 pm to terd ferguson
No way he setup his scenario correctly.
Game of "chance"? More like Game of "lose nothing or win big"
Game of "chance"? More like Game of "lose nothing or win big"
Posted on 1/15/16 at 1:39 pm to Rox
quote:Or, some aren't understanding it correctly.
No way he setup his scenario correctly.
Posted on 1/15/16 at 1:40 pm to Vandyrone
quote:
No. If you risk $1,000,000 to play and flip tails, you get $2.
No. If the pot starts at $2 and I risk $1,000,000 then the pot is now $1,000,002 and if I flip tails I receive a payout the size of the pot according to the OP.
Posted on 1/15/16 at 1:42 pm to terd ferguson
quote:You aren't contributing to the pot. You are playing the game. The pot is $2. It doubles to $4 if you flip heads and you get to flip again.
No. If the pot starts at $2 and I risk $1,000,000 then the pot is now $1,000,002
It is a game with a cost to play. How much would you pay to play?
This post was edited on 1/15/16 at 1:43 pm
Posted on 1/15/16 at 1:42 pm to terd ferguson
quote:
No. If the pot starts at $2 and I risk $1,000,000 then the pot is now $1,000,002 and if I flip tails I receive a payout the size of the pot according to the OP.
You're now playing a different game than the one in the OP.
You are putting up money to PLAY the game. None of the money you are putting up goes into the pot. None. The pot is independent of the amount you are risking.
Posted on 1/15/16 at 1:42 pm to GenesChin
Sounds to me like it would make more sense to play with these rules:
Pot starts at 2$
Player 1 must bet 2$ to play
Flip Heads = win 2$ and house starts game over
Flip tails and your 2$ is added doubling the pot
Player 2 may flip next but will require 4$ to play
Heads wins the pot
Tails is a loss which doubles the total and moves to...
Player 3 with a 8$ buy in.
Pot starts at 2$
Player 1 must bet 2$ to play
Flip Heads = win 2$ and house starts game over
Flip tails and your 2$ is added doubling the pot
Player 2 may flip next but will require 4$ to play
Heads wins the pot
Tails is a loss which doubles the total and moves to...
Player 3 with a 8$ buy in.
Posted on 1/15/16 at 1:43 pm to PearlJam
The answer is obvious. 2 bucks, max.
The pot never goes to zero.
The pot never goes to zero.
Posted on 1/15/16 at 1:43 pm to PearlJam
$6
Posted on 1/15/16 at 1:43 pm to PearlJam
quote:
You aren't contributing to the pot. You are playing the game. The pot is $2. It doubles to $4 if you flip heads and you get to flip again.
It is a game with a cost to play. How much would you pay to play?
$2
Posted on 1/15/16 at 1:44 pm to Vandyrone
quote:
None of the money you are putting up goes into the pot.
Well it would have been extremely fricking helpful to have that information in the OP then.
Posted on 1/15/16 at 1:45 pm to GenesChin
I would pay $350 to play this game then
Posted on 1/15/16 at 1:45 pm to terd ferguson
quote:That is a safe, no lose bet.
$2
Now the 2nd question, what do statistics say would be the max amount you should pay?
Posted on 1/15/16 at 1:46 pm to terd ferguson
quote:
No. If the pot starts at $2 and I risk $1,000,000 then the pot is now $1,000,002 and if I flip tails I receive a payout the size of the pot according to the OP.
You are not understanding the game. Let's just assume you are walking through a casino and you see a table with a dealer standing at it with a coin. You walk over to the table and ask him what game is this. He explains, you start with a $2 pot. I flip this coin and if it lands on heads the pot doubles. If it lands on tails, the game ends and you get whatever is in the pot. You ask how much to play. He tells you, it costs $X to play the game. OP is asking, what do you think X should be.
Posted on 1/15/16 at 1:46 pm to Walking the Earth
quote:
The answer is obvious. 2 bucks, max.
The pot never goes to zero.
Right?
Pay $2 to play... the pot starts at $2... you win it goes to $4 and you keep going.
If you lose on the first flip you get the $2 pot (your $2 bet back) and you play again.
Posted on 1/15/16 at 1:46 pm to terd ferguson
Your bet is not what the pot is made of. The pot is house money, beginning with $2 and doubling for every consecutive heads flipped.
Wait a minute. You are being intentionally obtuse aren't you? I feel a hook in my jaw.
Wait a minute. You are being intentionally obtuse aren't you? I feel a hook in my jaw.
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