financechoices
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An interesting question |
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Lets say you were on Who Wants to be a Millionaire and your had the chance to go from 8k to 16k. All your lifelines are gone and you have done a 50/50 leaving you with two answers.
You don't really have a clue either way. Would you risk a guess?
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Mon Oct 10, 2005 1:17 pm |
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Rolo
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A bird in hand...
"Expect me when you see me."
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Mon Oct 10, 2005 1:21 pm |
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financechoices
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Pretty good odds though. Sure I can't tempt you
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Mon Oct 10, 2005 1:25 pm |
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Rolo
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Nope. I'll take 100% of 8K over 0% of 16K anyday. I can grow that 8K into 16K in 1-3 years, so I WILL have my 16K regardless.
"Expect me when you see me."
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Mon Oct 10, 2005 1:52 pm |
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Rolo
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ehehehe...sorry my choice lacks THE THRILLS! THE CHILLS!
(and the accompanying foolishness)
"Expect me when you see me."
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Mon Oct 10, 2005 2:22 pm |
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Andrew
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Well, if I really had no clue, I'd probably do as Rolo said.
But I would be embarrased for having used up all my lifelines so early in the game...
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Mon Oct 10, 2005 3:41 pm |
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utrnewsletter
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i'd take the 8k no question
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Mon Oct 10, 2005 5:21 pm |
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MattL
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I would take the chance from 8K to 16k. 8k won't change my lifestyle. If it were 250K to 500K or 500k to 1Mil it would be a different story.
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Mon Oct 10, 2005 7:06 pm |
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gators52
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Is 16k a break point where you can then answer the next question wrong and still get 16k, if so then no brainer. If not, no idea.
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Mon Oct 10, 2005 10:57 pm |
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ushomeloans
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I would go for it, like the other guy said, 8k good size of money 16k+ changes tax brackets
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Mon Oct 10, 2005 11:26 pm |
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jlee1224
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Outcome 1: You don't guess. You take $8k.
Outcome 2: You guess wrong. You take $1k. 1/2 chance.
Outcome 3: You guess right. You take $16k (at least). 1/2 chance. (I believe $32k is the guaranteed level where you can guess for free at the next question).
Statistics says that you should guess. If you guess, you have an expected value of $8500 vs $8000 if you don't guess. But statistics don't really play if you get one shot.
If you really need the $8k, to pay off mobsters, or are behind on debt...if $8k will significantly alter your short-term life (and I don't mean a really cool vacation), then I'd take the $8k.
If you won $8k and you'd just stick in your huge checking account, then I'd guess for the opportunity to keep going. If you know the next question, then you're guaranteed $32k and have a free guess at $64k. (Plus, the EV on guessing is higher since you get to keep playing).
So, stop if you really need money. Keep going if you don't.
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Tue Oct 11, 2005 2:18 pm |
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Moneymaker79
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I agree |
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I agree with jlee1224. I'd probably take a chance.
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Sun Oct 16, 2005 11:26 pm |
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financechoices
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Some good answers here folks. Has anyone actually been on a quiz show before?
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Mon Oct 17, 2005 9:28 am |
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PiPsToRmPaY
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it's a good odd but prob. take 8k and enjoy
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Tue Oct 18, 2005 8:48 am |
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