\nRan across this on the internet. Interesting:<\/p>\n
\tTry this very simple test.
\n\t If I offered you the choice between the following two bets,
\n\twhich would you take?
\n\tBet 1; toss a coin. Heads, you win $75. Tails, you lose $50.
\n\tBet 2: roll a die. A six, you win $750. A 1,2,3,4 or 5, you lose $100.
\n\tSo which would you choose?
\n\tOr would you prefer not to take either? <\/p>\n
\tIf you chose the coin toss, or declined to play at all,
\n\tthen you are not risk-intelligent at all. <\/p>\n
\tIf you chose the dice roll with some internal conflict,
\n\tor after making a calculation, you are risk-intelligent. <\/p>\n
\tIf you chose the dice roll instantly, intuitively with no internal conflict
\n\tor conscious calculation, then you are very risk-intelligent. <\/p>\n
\tLet me explain the logic.
\n\tThese three possibilities have been set up so that their mathematical
\n\tattractiveness is inversely proportional to their psychological
\n\tattractiveness. <\/p>\n
\tBet 1 has an expected value of $12.50; put another way,
\n\tif you played it repeatedly you would on average win $12.50.
\n\tBet 2 has an expected value of $41.67 – more than three times as attractive.
\n\tNot playing, of course, has an expected value of zero.<\/p>\n
Posted by:<\/strong> Preacher on January 4, 2019, 11:54 pm<\/p>\n \tIn working for the Department of Defense and for Fortune 100 companies all my adult life, I\u2019ve taken every personality test (also called Temperament Surveys) that exists, usually as part of Team Building exercises. The best of them all is the D.I.S.C. Temperament Survey. I even had my wife, RollTide4Ever, take the D.I.S.C Temperament Survey on our first date, and shared mine with her. <\/p>\n \tHer sister is a High C, which is the temperament of most Engineers and Librarians, for example. That temperament is very risk adverse. You are not likely to find them at the Craps table. There are exceptions, like NoFieldFive, who, I am pretty certain, is a High C. They are also very detail oriented, as is NoFieldFive. It\u2019s so apparent when you hear him talk about craps. It also makes him a great instructor.<\/p>\n \tI\u2019ll toy with my High C sister-in-law during a Monopoly Game. I\u2019ll offer her a great trade, such as two Green properties for Park Place with $1000, giving both of us a monopoly. I know she\u2019ll say no, because she just can\u2019t bear to risk her money or property. So then I\u2019ll offer her the reverse, \u201cOk, I\u2019ll give you my Boardwalk for your green property and $1000.\u201d She\u2019ll still say \u201cNo.\u201d, showing the anguish in her face. Her brain knows it a good deal, but she can\u2019t overcome her risk aversion. We all laugh at that, including her. <\/p>\n \tMost people are risk averse, at least 60% of the population. So, I like your \u201cRisk Intelligence\u201d test. I\u2019m adding it to my repertoire.<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Skinny on January 5, 2019, 5:34 am<\/p>\n \tMy sequence of scores characterized me in the following way: <\/p>\n \tYou have a strong inner motivation to influence people and circumstances. You thrive on competitive situations and challenging assignments. The stresses and pressures of everyday work and life are unlikely to reduce your effectiveness and enthusiasm. <\/p>\n \tI guess that seems to fit and it explains why I like craps and controlled shooting.<\/p>\n \tNow as for the test that 7X7 posted, there are a couple of different ways to look at it to see which is better. My first impression upon reading the test was that the roll of the die was the optimal choice. But then I checked it out mathematically to confirm my feeling.<\/p>\n \tIn 36 rolls of the dice one can expect to win 6 X $750 = $4,500 and lose 30 X $100 = $3,000 for a net win of $1,500. \tClearly throwing the single die is the best way to go.<\/p>\n \tIf you want to figure out your expected win on a per trial basis one needs to divide the net win by 36.<\/p>\n \tBet 1; toss a coin. $450\/36 = $12.50 \tAnother way to look at it would be as follows:<\/p>\n \tFor every 2 tosses of a coin one can expect to win $75-50 = $25. 6 tosses would yield an expected win of $75 \tAgain the toss of the die provides the highest expected value.<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Dominator on January 5, 2019, 12:45 pm<\/p>\n \tDom<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Dr Crapology on January 6, 2019, 12:58 pm<\/p>\n \tRose and Doc<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Preacher on January 9, 2019, 3:29 am<\/p>\n \tInterestingly, I usually can’t stand working with people with my dominant temperament style. I thank my military training early in life, which forced me to keep my natural tendencies under control and to respect the strengths of people with other temperaments.<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Ran across this on the internet. Interesting: Try this very simple test. If I offered you the choice between the following two bets, which would you take? Bet 1; toss a coin. Heads, you win $75. Tails, you lose $50….<\/p>\n","protected":false},"author":63,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-9933","post","type-post","status-publish","format-standard","hentry","category-craps"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/9933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=9933"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/9933\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=9933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=9933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=9933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\tFlipping a coin 36 times one can expect to win 18 X $75 = $1,350 and lose 18 X $50 = $900 for a net win of $450.<\/p>\n
\n\tBet 2: roll a die. $1,500\/36 = $41.67<\/p>\n
\n\tFor every 6 rolls of the die one can expect to win $750 once and lose 5X$100 = $500 for an expected win of $250<\/p>\n