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Thread: Is this mindset healthy?

  1. #1

    Question Is this mindset healthy?

    When you play who wants to be a millionaire, when reaching the final question, if you win, you get 1M. If you lose, you get only 1K. But if you quit then can take home 500K.

    My inclination is probably taking 500K and quit.

  2. #2
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    Default Re: Is this mindset healthy?

    depends on the question. if i know the answer, then i do lor, if not give up?

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    Default Re: Is this mindset healthy?

    Statistically speaking, you only have a 1 in 4 chance of getting it right if you're out of life lines and you know nothing about the subject.

    3/4 * 1k + 1/4 * 1000k = 250.75k which is significantly less than 500k.

    However if youi were able to eliminate 2 of the wrong answers, then your expectation improves to

    1/2 * 1000k + 1/2 * 1k = 500.5k which is still not much more than 500k.

    Definitely take the 500k.

  4. #4

    Default Re: Is this mindset healthy?

    Quote Originally Posted by sabee View Post
    Statistically speaking, you only have a 1 in 4 chance of getting it right if you're out of life lines and you know nothing about the subject.

    3/4 * 1k + 1/4 * 1000k = 250.75k which is significantly less than 500k.

    However if youi were able to eliminate 2 of the wrong answers, then your expectation improves to

    1/2 * 1000k + 1/2 * 1k = 500.5k which is still not much more than 500k.

    Definitely take the 500k.
    the part concerning whether it's healthy is,
    now I eliminated 2 wrong answers.
    still i quit, because in hindsight i believe when picking yes/no, i always got it wrong..

  5. #5
    Senior Member wildcat's Avatar
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    Default Re: Is this mindset healthy?

    Quote Originally Posted by germ_boi View Post
    depends on the question. if i know the answer, then i do lor, if not give up?
    I think you have to choose whether or not to answer before you get to know the question. Once you choose, you cannot back out already. So by then if you don't know the answer, you take home $1k.

    I think I can still get a new 18-200mm or 10.5mm FE with $1k.

  6. #6

    Default Re: Is this mindset healthy?

    Quote Originally Posted by wildcat View Post
    I think you have to choose whether or not to answer before you get to know the question. Once you choose, you cannot back out already. So by then if you don't know the answer, you take home $1k.

    I think I can still get a new 18-200mm or 10.5mm FE with $1k.
    i changed the rule into a gambling situation..
    sticking to the fact makes discussion less funny.

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    Default Re: Is this mindset healthy?

    Depends on what kind of person you are:

    Gambler or Risk taker - just try your luck la

    Prudent player - take the money and run

    Well, in life, it is somewhat similar.

    There are those who plays it safe, get a job in the civil service, the KS type and just move along.

    There are those who are take the plunge into some business venture and prospered from there.

    Many have bought private properties 10years ago or 15years ago. They are all seeing their property appreciated by leaps and bounds.
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    Default Re: Is this mindset healthy?

    well. to get urself out of the problem

    go read more LOL. then all the problems and questions will be chicken feed, u can get 1 mil ;D

  9. #9

    Default Re: Is this mindset healthy?

    Quote Originally Posted by dRebelXT View Post
    When you play who wants to be a millionaire, when reaching the final question, if you win, you get 1M. If you lose, you get only 1K. But if you quit then can take home 500K.

    My inclination is probably taking 500K and quit.
    u mean the mentallity of quitting as a way of winning?

    nothing wrong with it actually. as the saying goes: quit while you're ahead (english proverb???). among the 36 strategies, escape is the most viable (sun tzu,various hk drama& movies), waste not, want not.
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    Default Re: Is this mindset healthy?

    Quote Originally Posted by shiruikage View Post
    u mean the mentallity of quitting as a way of winning?

    nothing wrong with it actually. as the saying goes: quit while you're ahead (english proverb???). among the 36 strategies, escape is the most viable (sun tzu,various hk drama& movies), waste not, want not.
    true... there's nothing wrong with quiting.

    there's a wise saying from the old green fella... "Do or do not, there is no trying".
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  11. #11

    Default Re: Is this mindset healthy?

    Bird in hand.

    Nevermind how many in the bush.

  12. #12

    Default Re: Is this mindset healthy?

    Quote Originally Posted by sabee View Post
    Statistically speaking, you only have a 1 in 4 chance of getting it right if you're out of life lines and you know nothing about the subject.

    3/4 * 1k + 1/4 * 1000k = 250.75k which is significantly less than 500k.

    However if youi were able to eliminate 2 of the wrong answers, then your expectation improves to

    1/2 * 1000k + 1/2 * 1k = 500.5k which is still not much more than 500k.

    Definitely take the 500k.
    good analysis!

    better to take the money (500K) and go than to risk 499K!

  13. #13

    Default Re: Is this mindset healthy?

    Nothing wrong with quitting and take that 500k, actually it's the smart move.

    When I was young, I though the master in gambling is the one who always win and win a lot, but, I found out that I have never found anyone who always win and win a lot, later on I found out that the master is actually someone who know how to win and also know when to stop/quit (risk management, I guess?).

  14. #14
    Senior Member wildcat's Avatar
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    Default Re: Is this mindset healthy?

    Quote Originally Posted by dRebelXT View Post
    i changed the rule into a gambling situation..
    sticking to the fact makes discussion less funny.
    I thought the original rules were gambling. If I am allowed to make a choice to backout before I am forced to gamble on my chances that I will be given an answer I do not know an answer to, then I will of course take that chance and see how certain I am that I know the answer. If I have any doubts at all, then it will depend on how much doubt I have vs how much risk I am willing to take. It stops being a gambling situation and instead, becomes an analysis situation.

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    Default Re: Is this mindset healthy?

    Does Singapore not have a safety stop after 1k?

    IIRC (although it's been years since I've watched it) there was another one after that, over here. Either 16k or 32k.

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    Default Re: Is this mindset healthy?

    Quote Originally Posted by Jed View Post
    Does Singapore not have a safety stop after 1k?

    IIRC (although it's been years since I've watched it) there was another one after that, over here. Either 16k or 32k.
    Yes, we have one at 32k

  17. #17

    Default Re: Is this mindset healthy?

    hua hee tio hou

    jed - got safety stops.

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    Default Re: Is this mindset healthy?

    In that case I say donch stop until you get to $64 million, minimum. After that see how you feel and which way the wind blows

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    Default Re: Is this mindset healthy?

    Quote Originally Posted by Jed View Post
    In that case I say donch stop until you get to $64 million, minimum. After that see how you feel and which way the wind blows
    Who wants to be a billionaire?

    We don't have that here in SG though... :P

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