NationStates Jolt Archive

Assume a friend offered you to play this game:

He'll flip a $1 coin.
If he wins, he'll get one dollar off you.
If you win, you'll get a dollar off him.

Easy enough? Good.
Would you play?

EDIT: You are only allowed to play once.

I'll go into the reason for my question later.

I answered yes because I happen to be aware of the stipulations of this question and it's philosophical implications. My response to the Game, however, would depend largely on my availible resources, my blood alcohol level, and/or my mood.

If it was $1, once off, then yes.
If it was repeated, then no.
If it was a larger amount, say $20 or more, then no.

No because it is only a dollar. I could care less about a dollar. Now, if we play for five or more, sure.

I can't find the article I read discussing it so I'll just jump to the conclusion: Gambling is sinful.

I said yes, it's just a dollar..

But if this was business, a 50% chance is too little, so no.

Assuming Melkor is on to something, why don't you tell us what it's about? I'm curious!!

Anyway... I doubt I'd say no as long as the stakes are that low. But I don't usually gamble with anything but my health and sanity.

I answered yes because I happen to be aware of the stipulations of this question and it's philosophical implications. My response to the Game, however, would depend largely on my availible resources, my blood alcohol level, and/or my mood.

Oh get off it Melkor. It's flippin' dollar!

Assuming Melkor is on to something, why don't you tell us what it's about? I'm curious!!
I'll wait a bit longer. But it's not the great surprise you think it might be.
It'll probably turn out pretty boring.

I said no, on the grounds that I'm very low on cash right now and sort of have to live by a bird-in-the-hand philosophy if I want to make sure I don't completely run out of...um...birds.

Plus I'm just chronically unlucky. :p

Oh get off it Melkor. It's flippin' dollar!
It's my dollar goddamn it! :p

I can't find the article I read discussing it so I'll just jump to the conclusion: Gambling is sinful.

If gambling is so sinful, try telling that to people that have to gamble with their lives every day: nothing is that cut and dry, my good Alabamian friend. The applicability of the concept 'gambling,' no matter what your moral code, must be addressed in the proper context before sweeping commandments can be applied. Very technically, you're gambling with your life every time you get into a car, especially if you live near a city and happy hour's wrapping up.

I said no, on the grounds that I'm very low on cash right now and sort of have to live by a bird-in-the-hand philosophy if I want to make sure I don't completely run out of...um...birds.

Plus I'm just chronically unlucky. :p
Haha! I don't even have a bird right now :p

I do share your bad luck, but I'm famous for never thinking things through. Besides, my mates would never try to screw me over :cool:

It's my dollar goddamn it! :p

And if gambling is so sinful, try telling that to people that have to gamble with their lives every day: nothing is that cut and dry, my good Alabamian friend. The applicability of the concept 'gambling,' no matter what your moral code, must be addressed in the proper context before sweeping commandments can be applied. Very technically, you're gambling with your life every time you get into a car, especially if you live near a city and happy hour's wrapping up.



That was covered in the article too. Someone bump this thread tommorow and I'll discuss it in depth. I'm too tired to think right now :D

I prefer this version of risk:

http://gamefest.com/images/10633230531063323053Risk%20Game.jpg

I prefer this version of risk:

http://gamefest.com/images/10633230531063323053Risk%20Game.jpg



"Ok, China to Mongolia....who's grey again?"

You didn't stipulate how long one could play for, or if one could quit while ahead. I don't see where it would be worthwhile, since we have an equal chance of winning or losing - assuming we play for any length of time, that is. Even if I quit while if I was ahead I would make only a few dollars.

You didn't stipulate how long one could play for, or if one could quit while ahead. I don't see where it would be worthwhile, since we have an equal chance of winning or losing - assuming we play for any length of time, that is. Even if I quit while if I was ahead I would make only a few dollars.
I think the question is meant to be taken at face value, which means that by omission you can stop whenever you want, since thre don't appear to be any stipulations that you have to have a certain amount to play, or what-have you.

But yeah, the nature of the game seems to be to quit after you get a couple of lucky tosses. I'd probably hope to get enough to buy a pack of smokes. Goddman Sin Tax.

I said no, on the grounds that I'm very low on cash right now and sort of have to live by a bird-in-the-hand philosophy if I want to make sure I don't completely run out of...um...birds.

Plus I'm just chronically unlucky. :p

Hence your name? :D

You didn't stipulate how long one could play for, or if one could quit while ahead. I don't see where it would be worthwhile, since we have an equal chance of winning or losing - assuming we play for any length of time, that is. Even if I quit while if I was ahead I would make only a few dollars.
The probabilities wouldn't change though depending on how many games you play.

An Alternative would be:

If your friend offered you $100 if you win, and asked you:
"Do you want to play, or do you want $40 instead?"

Hence your name? :D

Heh. The name is mostly just a randomly chosen piece of silliness, but I suppose it does fit my current monetary situation rather well. :p

No. There's no point.

Assuming a fair coin you'll win half the games you play, and your opponent will win half. Events are independent, so you'd expect (in the long run) for both parties to break even as the reward = the loss.

To make such a game worth the effort the reward has to be bigger than the loss, or the chance of winning bigger than the chance of losing.

I prefer games where my skill has some impact on the probabilites; random events aren't interesting, and they're always stacked against you. That's why I don't play the lottery...

Assuming I could continue indefinately and I was the only one who could end the game [since no powers seem to be delegated to the friend], I would guarantee victory by devoting the time to just flipping the coin over and over again to guarantee the maximum net profit.

If you play long enough, you will eventually get enough lucky tosses in a row and so long as you know when to cut your losses [after probably $3 or $4], there is no way you can turn a loss.

Unless there has to be some other contest to have the power to end the game, such as another coin toss or series of tosses.

Let's for simplicity's sake just assume that you can only play once.

If you play long enough, you will eventually get enough lucky tosses in a row and so long as you know when to cut your losses [after probably $3 or $4], there is no way you can turn a loss.


I don't know...ever read/seen Rosencrantz and Guildenstern are Dead? ;)

I don't know...ever read/seen Rosencrantz and Guildenstern are Dead? ;)
Heh. I've heard of it.

Tossing coins is boring. Start rolling some dice and then it gets interesting. And i dont mean gambloing with money.

Have you read "The Dice Man" by Luke Rhinehart?

excellent book, in my humble opinion.

This isn't a risk..........
I've been dragged onto this thread under false pretences.....

I'm going off now to sulk.......

Yes, I would play.

Err....do they MAKE $1 coins?.....they make £1 coins here in blighty....so yes, I'd flip a £1 coin :D

P.S Would prefer it if "I" flipped the coin, or at least was given the chance to inspect the coin to make sure it wasn't 2-headed, as well as ensuring said "friend" was wearing short sleeves with nothing else in their hands....paranoid...moi? :D

Err....do they MAKE $1 coins?.....they make £1 coins here in blighty....so yes, I'd flip a £1 coin :D

P.S Would prefer it if "I" flipped the coin, or at least was given the chance to inspect the coin to make sure it wasn't 2-headed, as well as ensuring said "friend" was wearing short sleeves with nothing else in their hands....paranoid...moi? :D

Yep, we have $1 & $2 coins in Aus. They're similar to your 1 pound coins.

Yes, I'd play. It's only a dollar.

If it was a pound, then maybe I'd reconsider... :p

We play Risk quite frequently in our house, especially around the Holiday season when there is somebody available to play the Black Army (none of the rest of us like that colour).

It normally all ends in sadness when I have control of Africa and Australia, and launch a multi-pronged attack into Europe and Asia, whilst safeguarding both the Crossing from Africa to South America and the North-West Passage.

Playing against the computer, however, really really sucks...as it cheats on the die roll...

Assume a friend offered you to play this game:

He'll flip a $1 coin.
If he wins, he'll get one dollar off you.
If you win, you'll get a dollar off him.

Easy enough? Good.
Would you play?

EDIT: You are only allowed to play once.

Meh. Entertaining.

Hmm, I would say in general that I'm a risk taker... well it depends what risks... and risk doesn't neceassarily = gamble with money :rolleyes:

Risk is great ive got it on PSX and the board game.

Err....do they MAKE $1 coins?.....they make £1 coins here in blighty....so yes, I'd flip a £1 coin :D

P.S Would prefer it if "I" flipped the coin, or at least was given the chance to inspect the coin to make sure it wasn't 2-headed, as well as ensuring said "friend" was wearing short sleeves with nothing else in their hands....paranoid...moi? :D

The USA has three different $1 coins in varying degrees of circulation, I believe, and several more which are no longer in circulation.

http://www.coinfacts.com/silver_dollars/eisenhower_dollars/1978s_ike_dollar_obv.jpg
Eisenhower Silver Dollar, 1971-1978

http://www.bostoneruv.org/images/susan_b_anthony_1980_front.gif
Susan B. Anthony Silver Dollar, 1979-1981, 1999

http://www.eyesitedesigns.com/images/gold_dollar_coin1.gif
Sacagawea Gold Dollar, 2000-present

A little off topic, but I fancy myself a coin collector.

Rotavia just took a risk and TMGH just sent him back to Tuesday!LOL

Ive got some Cool Coins.

Our Evil Commie Government is taking away our coolest coins. :mad:

Rotavia just took a risk and TMGH just sent him back to Tuesday!LOL

Ive got some Cool Coins.

Our Evil Commie Government is taking away our coolest coins. :mad:

:D

Why are they taking the coins back?

:D

Why are they taking the coins back?
The 5 cent coin costs 6 cents to make. :rolleyes:
People gennerally throw them away.
1 and 2 cent disappeared in 1990.

10 may also go.
20 is being downsized
No Quarter.-Sily Yanks :p
50 as well.

A bank is offering to take the coins in and donate all coins collected for free.

But we have a policy in NZ where you get a Tax return for donating.
They will claim the Donation rebate when it wasnt really theres to begin with.!LOL

The 5 cent coin costs 6 cents to make. :rolleyes:
People gennerally throw them away.
1 and 2 cent disappeared in 1990.

10 may also go.
20 is being downsized
No Quarter.-Sily Yanks :p
50 as well.

A bank is offering to take the coins in and donate all coins collected for free.

But we have a policy in NZ where you get a Tax return for donating.
They will claim the Donation rebate when it wasnt really theres to begin with.!LOL

Yeah, we lost our 1 & 2 cents around about that time too. Many vending machines don't even accept 5c coins any more, I wouldn't be surprised if they go soon too. I'm pretty sure our coins are the same size & shape as yours, just different pictures on the tails side. Same head though. We have a tax rebate for donating too, sneaky banks!

We still have our 1p and 2p coins!

Good ol' Queenie! or Tony...they're pretty much one and the same

C'mon, Leo, give it up! It's bee almost six hours....what's the answer, man?

C'mon, Leo, give it up! It's bee almost six hours....what's the answer, man?

It was a question of what YOU would do, only you have the answer to that, dont you think?

It was a question of what YOU would do, only you have the answer to that, dont you think?

I already know what I'd do....it was my poor wording in my previous question. I meant what psycho-babble info does it supposedly tell us about ourselves, either way?

The 5 cent coin costs 6 cents to make. :rolleyes:
People gennerally throw them away.
1 and 2 cent disappeared in 1990.

10 may also go.
20 is being downsized
No Quarter.-Sily Yanks :p
50 as well.

A bank is offering to take the coins in and donate all coins collected for free.

But we have a policy in NZ where you get a Tax return for donating.
They will claim the Donation rebate when it wasnt really theres to begin with.!LOL

Do you know where someone could get their hands on some of the old coins? I'd love to have some.

I can't find the article I read discussing it so I'll just jump to the conclusion: Gambling is sinful.

And according to the bible, simply being human is sinful. :rolleyes:

It's a miniscule enough risk to take, so why not? I'm not fond of large risks, though.

A little off topic, but I'll post it anyway. It's a story I read a few years back. Some of you may have read it:

There are four characters, A, B, C and D. Now A thinks that B is an idiot. He talks to C.

A: B is an idiot. Let me show you. If I give him the choice between $10 and $5 he will always take the $5.

C: I don't believe you!

A: Let me show you. Hey B! Come over! B, I have $5 and $10. Take your pick.

*B takes the $5 and walks away*

A: See? I told you.

*D confronts B*

D: B! Why do you always take the $5? $10 is worth twice!

B: Yeah, but if I take the $10 A will never play the game with me again.

:)

The initial question was "do you like risks?"

The answer, for everyone, is no. Nobody likes risks.




But everybody like the payoff :)

i would if i won i would walk away if i lost id tear his throat out

i would if i won i would walk away if i lost id tear his throat out

You'd tear your friend's throat out over $1?

Assume a friend offered you to play this game:

He'll flip a $1 coin.
If he wins, he'll get one dollar off you.
If you win, you'll get a dollar off him.

Easy enough? Good.
Would you play?

EDIT: You are only allowed to play once.

In the final analysis, it's a poor risk for the player since he has a 50% chance of losing - based on a one-time event.

If the dealer plays this game often, with more than just one person, then it's a poor business proposition for him. He needs more than 50% in order to make a profit. Casinos would go broke running a house like that.

In the final analysis, it's a poor risk for the player since he has a 50% chance of losing - based on a one-time event.
And he's got a 50% chance of winning.
That's why it is a test for risk-adversity. You could connect the results with things like privatised social security...

And he's got a 50% chance of winning.
That's why it is a test for risk-adversity. You could connect the results with things like privatised social security...

Well, as for the US perspective, since the US Supreme Court has ruled (twice) that Social Security is just a regular tax, and can be used how the government sees fit, expecting any money, when we retire, is a gamble already--the government doesn't have to give it out to any citizen, if it decides not to.

I'd rather take my chances with a business than the government. They've got a better track record for profitability.

And he's got a 50% chance of winning.
That's why it is a test for risk-adversity. You could connect the results with things like privatised social security...

Is that why you asked the question?

I'm guessing its just like a first-year economics question, to see if people are risk-averse or risk-loving right?

I'd rather take my chances with a business than the government. They've got a better track record for profitability.

Actually, businesses have a long history of defaulting on debt. The government is one of the few enterprises whose bonds are given the AAA rating, meaning it has the lowest risk possible.

Actually, businesses have a long history of defaulting on debt. The government is one of the few enterprises whose bonds are given the AAA rating, meaning it has the lowest risk possible.

And yet, the government already has the power to change the rules without a penalty. That's the part that bothers me.

And yet, the government already has the power to change the rules without a penalty. That's the part that bothers me.

But voting to do away with social security completely would be political suicide. Could either party really gather enough members in congress and the senate who are willing to sacrifice their careers by doing this?

But voting to do away with social security completely would be political suicide. Could either party really gather enough members in congress and the senate who are willing to sacrifice their careers by doing this?

Nope. As long Americans who want to have a free ride exist, SS will exist. :( And will continue its downward spiral into demise. When SS was originally started in the US, there were over 100 working people supporting each retired person--now we're down to 3 working people supporting each retired person. It will go negative in the next 20 years, as the baby boomers retire.

I'm guessing its just like a first-year economics question, to see if people are risk-averse or risk-loving right?
It is.
This is a good place to do little experiments.