So Am I A NIt?

[David Sklansky]

Perhaps by some people's standards. If you use the gambler's scale. But certainly not otherwise. Here are two questions:

All of the people in this country with a liquid bankroll between 100K and 10 mil are offered 7-5 on the flip of a fair coin. ONE TIME ONLY. There is NO DOUBT the flip is fair. Doubt is assumed not to be part of this problem, though in real life it would be.

A. How much do you think I would REALLY bet as a percentage of my bankroll?

B. What proportion of all 100K to 10 Mil Americans would bet a higher proportion of their bankroll (lets also elimate those with pressing expenses)?

[MiltonFriedman]

Bet a proportion "higher" than what ??

[MilkMan]

[ QUOTE ]
Bet a proportion "higher" than what ??

[/ QUOTE ]

than DS obv

[MiltonFriedman]

.... which would be what proportion, in your view ?

[AntonHeat]

If I had a 1mil BR I would bet like 150k at 7-5 good odds [img]/images/graemlins/smile.gif[/img]

[MiltonFriedman]

.... interesting to you perhaps, but that is not what DS asked.

[daryn]

higher than he would obv

[BLdSWtTRs]

I think I would go with 5%.

a. I think you could go with a number around 5%

b. I bet most Americans would go with a lesser number

People are generally very risk averse.

[pete fabrizio]

[ QUOTE ]
Perhaps by some people's standards. If you use the gambler's scale. But certainly not otherwise. Here are two questions:

All of the people in this country with a liquid bankroll between 100K and 10 mil are offered 7-5 on the flip of a fair coin. ONE TIME ONLY. There is NO DOUBT the flip is fair. Doubt is assumed not to be part of this problem, though in real life it would be.

A. How much do you think I would REALLY bet as a percentage of my bankroll?

B. What proportion of all 100K to 10 Mil Americans would bet a higher proportion of their bankroll (lets also elimate those with pressing expenses)?

[/ QUOTE ]

Most americans would not do this for a substantial amount of money, but only because of various irrational prejudices about gambling. Their other behavior shows that they are willing to take equivalent or larger risks in major life decisions/investments/etc.

[eurythmech]

This has got very little to do with nittiness imho.

A) 90%
B) <1%

What makes you able to gambool to such a large extent here is that

a) You have no immediate family to care for. That is, no wife that I know of, and no young children. I assume you livve in a single person household.

b) More importantly, I'm sure you are very certain to earn substantial amounts of money in the future through book sales, magazine articles, endorsements and 2+2. If you were busto today I assume you would have no problem making a decent living for the rest of your life anyway.