> Expected value doesn't mean jack shit if the game can only be played once.
Thinking like this was the mistake I've made.
While you can play a given game only once, your life will have plenty of such games. So there definitely is a relevance to "expected value". And this is easily to simulate with a program. The expected value of the wealth for those who take the chance when the "local expected value" is better than the certain outcome does tend to be higher.
Thinking like this was the mistake I've made.
While you can play a given game only once, your life will have plenty of such games. So there definitely is a relevance to "expected value". And this is easily to simulate with a program. The expected value of the wealth for those who take the chance when the "local expected value" is better than the certain outcome does tend to be higher.