if a man offers you a million $, or the chance to win 50 million $ by flipping a coin (at the risk of ......?

Question

sorry, not enough space.

ok,,, if a man offers you a million dollars, or the chance to win 50 million dollars by flipping a coin (but you get nothing if you lose), then which one would you choose?

a. 100% chance of a million dollars?

or

b. 50/50 chance of 50 million or nothing?

i'm trying to do a survey about risk aversion, and what sorts of people are more likely to avert risks.

so please give a short answer (either A or B) and then if you want, the reason behind your decision.

also, feel free to provide extra info about yourself, that way i can try to make a connection as to why certain people are more likely to avert risks. (i.e. -- if you hav kids, how old you are, whether you already have lots of money and don't need anymore, if you're male or female, if you have gambling problems, etc --- whatever you think might be relevant.)

thank you in advance for your cooperation.

Answer 1

Definitely the sure thing. If I had a million dollars, I could invest it, live off of the interest, and never have to work again. If I took the chance at the 50 million and lost, I'd have to kick myself in the butt every morning when my alarm clock went off and I got up to go to work.

If the numbers were lower - like 10K and 50K, I'd take the chance because 10K would not change my life significantly. It would be nice, but not life-changing.

Answer 2

Ha I Flipped A Coin And Got Heads Ha I Win I Just Risk It And Won Ha

Answer 3

A

Perhaps the difference between the options isn't great enough, if I were to have a 50/50 chance at a billion dollars, for instance, I would probably choose B.

Answer 4

I would take the $1 million.

$1 million is enough to radically improve my life, but if I had $1 million, $50 million would not result in a radical improvement, but merely an incremental improvement.

On the other hand, if I were already wealthy enough not to have to work, I would flip the coin, because $1 million would no longer result in a radical improvement, but merely an incremental improvement. $50 million would be a much better incremental improvement.

If the amounts involved were $100,000 vs $5,000,000, I would flip the coin, because $100,000 is not enough to radically improve my life.

Answer 5

If a million was guaranteed, I'd take that over the 50/50 chance of 50 million. I'd just be grateful for a million, although it technically isn't much nowadays.

Answer 6

A. In a heartbeat.

$1 million is too attractive to risk for any other amount, in my opinion. So to me, this scenario isn't even about risk aversion; at best it's about seeking ridiculously unnecessary risk, or maybe thrill-seeking. I'm a late 30's, male, solvent-but-not-well-off single dad of 3 kids. I'm also quite spiritual; I have a fascination with certain material things (motorcycles, or instance!) but keep them in perspective.

Answer 7

A) Bird in the hand. I don't need much, the more money I've had in the past- the worse my condition was. I can spend and give it away, like its a an omen. It usually is, Love of money causes so many problems...

I became egotistical

I lost my humility

Became a jerk

Money does not buy happiness. It isolates many.

Answer 8

Answer B. It's not that hard to make a million. It's real hard to make $50 million. 50% chance at $50 million is not bad odds.

Answer 9

i would take the million dollars no problem, i have a job I like, im young (23) and should be able to invest wisely and live comfortably forever, no kids, and I live in iowa which is very cheap, plus im pretty darn happy right now being middle class

Answer 10

A) I would never turn down $1 million. I could work my whole lifetime at the salary I'm making now and never see that.