Thought experiment: Flip a Coin.

[Doctor Amadeus]

You get to have $1000 USD it’s yours unless you decide to take half of it and gamble on a coin toss and double your money taking home $1500 instead what would you do?

Follow up questions.

Did you grow up in or are you currently in poverty?

Why did you pick the choice you did Gamble $500 for $1500 or walk away with $1000?

[Deleted]

I won‘t gamble nor take the money. Didn‘t grow up in poverty and the situation feels strange so I dodge it.

[Independent voter]

Keep the money and buy that new fishing hat I've always wanted.

[Phookah]

Gamble it. Easy come, easy go.

Besides, I couldn't do a whole lot more with $1000 that I couldn't do with $500.

[Jonnusthegreat]

I would take the $1000. Increasing that by 50% isn't enough to offset a lose of 50%. Math.

[Moralgy]

Take the 1k, ive got medical bills and a mild gambling addiction.

[Jonnusthegreat]

If you're going to say "math" afterward then at least be correct. The probabilities make it so that it's exactly enough to offset the potential loss. As in, whether people choose to gamble or not, the average person will take home $1000.

Ask any billionaire if they would do this with their wealth. 100% would say no. I stand by my statement, you stand by your ignorance and unwillingness to see past a 7th grade math problem.

[Doctor Amadeus]

Gamble it. Easy come, easy go.

Besides, I couldn't do a whole lot more with $1000 that I couldn't do with $500.

1 or 2 night stay at a Holiday Inn

[Deldavala]

Gamble. A free 1000$ is nice, a free 1500$ is even nicer, and a free 500$ is not bad either.

I grew up lower middleclass in Norway. Parents where divorced and working as chefs, so not a lot of money to go around.
Currently, pretty well off, but I love to gamble.

[Lochton]

I'll take the 1000 dollars upfront, and have a nice day.

Reason: Chances of me walking away with 1000 dollars would be higher than the chances of me walking away with 1500 dollars.

And yes, I've grown up with a poor family.

[Aitch]

Take the 1k, go to a casino, put it on red.

Same odds, twice the payout.

Your thought experiment sucks.

[snaek]

I'll take the 1000 without even thinking about it. The disappointment of "losing" 500 would be far more taxing on me than the extra joy I'd get from gaining an extra 500 on top of the 1000. And so the guaranteed 1000 is the better alternative to me, irrelevant of the math.

I'd even take the 1000 if it was 750 and 1750. I have terrible luck.

[Doctor Amadeus]

I'll take the 1000 without even thinking about it. The disappointment of "losing" 500 would be far more taxing on me than the extra joy I'd get from gaining an extra 500 on top of the 1000. And so the guaranteed 1000 is the better alternative to me, irrelevant of the math.

I'd even take the 1000 if it was 750 and 1750. I have terrible luck.

So your answer would be entirely made on emotion?

If so that's not bad, because I agree for mathematical reasons, however I think your reasons is better.

[cubby]

Keep the money.

Grew up lower-middle class. Not a lot of money, but was really ok.

It's the most logical choice for the greatest gains. Although the coin flip was tempting.

[Aitch]

The fact that 27.27% of poll respondents so far would take a gamble with odds that are twice as low as would you could get by walking into any casino is depressingly telling about the state of average fiscal understanding.

[Deldavala]

The fact that 27.27% of poll respondents so far would take a gamble with odds that are twice as low as would you could get by walking into any casino is depressingly telling about the state of average fiscal understanding.

Well some people dont have legal Casinos

Its also better odds than a roulette table. Seeing as you gamble only 500 for 500 extra. Roulette on Red/black is <50%.

[XDurionX]

Take the 1k, go to a casino, put it on red.

Same odds, twice the payout.

Your thought experiment sucks.

Except you don't win 100% when you put them on red, you clearly haven't been to a casino, ever.

[snaek]

So your answer would be entirely made on emotion?

If so that's not bad, because I agree for mathematical reasons, however I think your reasons is better.

Yes, though to a certain point of course. If it were, say, 500 and 3000 if I gambled, then I am of course going to chance it. There's a tipping point there somewhere. Where it is will largely depend on my mood in that moment.

[Deleted]

Gamble it. Easy come, easy go.

Besides, I couldn't do a whole lot more with $1000 that I couldn't do with $500.

You can buy an iPhone X for 1k, you can't for 500.

[Flame6]

Take the 1k, go to a casino, put it on red.

Same odds, twice the payout.

Your thought experiment sucks.

Casinos come out ahead on this because the wheel isnt just red and black. It has 2 green spaces in order to tilt the odds slightly in the houses favor.