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Thread: It occurs to me that ...

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    1 out of 1 members found this post helpful. Did you find this post helpful? Yes | No

    It occurs to me that ...


    ... a huge handicap to becoming an advantage Blackjack Player is the
    emotional attachment to money that newbies so often bring to the table.

    This is so very much like the emotional attachment that they may have to an
    (abusive/neglectful) (partner/spouse)
    ~ just like the BJ game that is their mistress.



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    True dat, yo. Brotha Flash preachin the truth!

    But for real that's one of the things I love most about AP. It teaches you money is just money. It's a unit, a tool, something to be calculated but that you don't have to worry about every single dollar (in regards to variance and getting unlucky/etc). You need to be able to take the swings, and in order to do that, you need to not sweat the bad luck and losses. Freedom from moneys hold on most of us is something I really love that I got from AP'ing.

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    As well as helping researchers understand how much a bet is worth in purely mathematical terms, wagers have also revealed how we value decisions in real life. During the eighteenth century, Daniel Bernoulli wondered why people would often prefer
    low-risk bets to ones that were, in theory, more profitable. If expected profit was not driving their financial choices, what was?


    Bernoulli solved the wager problem by thinking in terms of “expected utility” rather than expected payoff. He suggested that the same amount of money is worth more—or less—depending on how much a person already has. For example, a single coin is more valuable to a poor person than it is to a rich one. As fellow researcher Gabriel Cramer said, “The mathematicians estimate money in proportion to itsquantity, and men of good sense in proportion to the usage that they may make of it.”


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    The economists "utility function" explains several things, e.g.
    how a lottery ticket can be a good purchase for a poor person.
    or why only a fool would risk his entire bankroll simply because
    he "has the best of it." If my bankroll is $10,000 and someone
    offers to have ME flip MY coin (and call it) placing $10,500 to my
    $10,000 in escrow, I instantly refuse because the LOSS of 10 K
    has a devastating effect, while winning 10.5 K has a salutary, (but
    not life-altering), effect.

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    Economics teaches us that value is subjective and that utility is ordinal (ranking). We cannot say 'how much' a man values something, only that he values X > Y and that action demonstrates preference.

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    Quote Originally Posted by moses View Post
    "Since when is emotional attachment to money a bad thing."
    Not exactly a recent notion. Since the Dawn of Recorded History.

    "The Love of Money is the Root of all Evil."

    Does that sound at all familiar to you ?

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    Quote Originally Posted by ZenMaster_Flash View Post
    Not exactly a recent notion. Since the Dawn of Recorded History.

    "The Love of Money is the Root of all Evil."

    Does that sound at all familiar to you ?
    yes my mother used to say that to us.
    another thinker is this,
    In this world there is good and evil,no in-between

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    This reminds me of prospect theory:

    Option A: You have an 80% chance of winning $4,000, but a 20% chance you win nothing.


    Option B: You have a 100% chance of winning $3,000.


    Which would you choose and why?


    Option A: You have an 80% chance of losing $4,000, but a 20% chance that you lose nothing.


    Option B: You lose $3,000 for sure.

    The answer is "A" in the first set and "B" in the second set. Most people reverse them though, especially choosing "A" in the second set.

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    Quote Originally Posted by marriedputter View Post
    This reminds me of prospect theory:

    Option A: You have an 80% chance of winning $4,000, but a 20% chance you win nothing.


    Option B: You have a 100% chance of winning $3,000.


    Which would you choose and why?


    Option A: You have an 80% chance of losing $4,000, but a 20% chance that you lose nothing.


    Option B: You lose $3,000 for sure.

    The answer is "A" in the first set and "B" in the second set. Most people reverse them though, especially choosing "A" in the second set.
    With multiple kicks at the cat, and with more and more kicks at the cat, your correct answers are proper. However, with only 1 kick at the cat, what would the risk averse person do?

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    Quote Originally Posted by shorty 2 View Post

    In this world there is good and evil,no in-between
    Hardly ---

    Nearly everything resides between those extreme polar opposites.



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