I have a million £ and want to give you some of it....

estebanrey

estebanrey

estebanrey

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Sadly I don't and nor is this a spam Nigerian scam post either. More of a conundrum....

So [hypothetically] I have a £1m and agree to risk giving you some of it on a couple of conditions...

A) You freely pick a number between 1 and 100 and you get that multiplied by £10,000

B) The number you pick must be lower than or equal to the raffle ticket number I subsequently pull out of a box with 1-100 in.

So if you pick 56 and the number I pull out is 78 then you get £560,000. But if I pulled out 55 then you'd get nothing.

So what number do you pick? Do you go for something like 50 and have a 50/50 chance of winning half a million? Do you go for something like 90 thinking the 1 in 10 chance of getting £900k is worth the gamble, or do you go for a lower number with the attitude of you'd rather have a high chance of something than a low chance of a lot?

There is no 'right' answer, more of an insight into how people think.
 
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I like this.

Your maths is a bit off though, your only going to give the guy who picked 90 £90,000. You'd need to multiply by 10,000 to give away £1m for a bet on 100.

And if that's the case I chose 20 and take an 80% chance of £200,000.
 
With those odds of getting money, I'd probably go with something like 25-30. Very good chance of winning and enough to buy a house outright, which would make a huge difference long term.
 
Probably between 10-20 to maximise chances. I don't need 1 million, although it would be life changing. 200k would make me quite comfortable for a while, but would also allow me to share some with others.
 
1 - it's a guaranteed £10k that I didn't have prior to the raffle.

I'd then invest the £10k and turn it into something larger.
 
I'd go for a very low number because I'm poor so my perception of "a lot of money" is low.

£20,000 would clear my mortgage. That would reduce my essential expenses by £260 a month, which is a quarter of my income. That would probably quadruple my disposable income. So £20,000 would make a significant difference to my life and I might well choose as low as 2. I would be unlikely to go higher than 5. I might well choose 1 and be certain of getting what is to me a lot of money.

But for some people, that £20,000 would be additional savings and the extra income from it would be a small, very small or trivial percentage of their disposable income. It would make more sense for them to choose higher, to go for whatever would be "a lot of money" (or at least a significant amount, depending on how rich they are) to them.
 
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