OT: +EV Situations in life?

Hello all,

I'm in the midst of writing my college application essay about using the EV formula (amount to be won)*(Chance of winning) - (amount to be lost)*(Chance of losing) to guide everyday life. There are certainly plenty of examples where one could use this formula outside the world of poker.

Please contribute any examples of times you have used the EV formula to make a decision, or if you haven't, places where hypothetically you could. No obvious simple answers like "Marriage = +EV"

I'd like explanations if possible, and as in depth answers as you are willing to provide. Thanks for any and all thoughts on this subject,

-Grant

[brimstone1]

Rating this thread 1: +EV.
Taking a dump in it: +EV.
Taking a piss in it: +EV.
Writing about poker to your college: -EV.
You writing about poker to your college, though, is +EV for anyone else applying.

gg.

Oh, and don't worry, my post won't ruin your thread, we have a handful of 2+2 experts dying to answer such mundane and ridiculous, OT questions 24/7. They'll arrive shortly.

[Big Limpin']

ok heres one...last week, the insurance ran out on my trunk, and i hadnt remembered to renew it. So, the next day, i had to get down to the insurance to renew (have to do it in person)...

My choices were to drive down there (illegally) or take a cab.

Lets say i have a 0.5% chance of gettng pulled over, and not having insurance (ballpark this at a $500 fine?), and a 0.1% chance of getting in an accident, where im at fault, and having to pay damages out of pocket (ballpark this at $5000 for an "average accident).

Meanwhile, the cab fare will be 20 bucks

Financially, what is the +EV move here? (assume i have no emotional issues with breaking the law)

EV formula (amount to be won)*(Chance of winning) - (amount to be lost)*(Chance of losing)

EV= ($20)*(0.985) - ($500)*(0.005) - ($5000)*(0.001)
EV= $19.70 - $2.50 - $5.00
EV= $12.20

So, saving the 20 bucks cab fare at the risk of a big fine/bill...appears to be a +EV move.

[Big Limpin']

Self Censor: that was rude, post deleted.

Brimstone, it involved you...

[brimstone1]

PM it to me, I'd love to see what I missed.

[lacky]

using poker analagies in collage appication esseys is HIGHLY -EV

(what ya think Irie, 3 maybe 4 mis-spellings and improper use of punctuation (hmm, add one to the misspellings?))

Steve

[FlyWf]

Dude, that's just going to look like very sloppy economics.

[Irieguy]

[ QUOTE ]
using poker analagies in collage appication esseys is HIGHLY -EV

(what ya think Irie, 3 maybe 4 mis-spellings and improper use of punctuation (hmm, add one to the misspellings?))

Steve

[/ QUOTE ]

I think you are correct, Lacky, it is -EV and you can't spell for sheet.

To the OP: I hope you are applying to community college.

To all you kids who think that writing about your fascination with gambling on your college entrance essays is a good idea: don't worry. You don't necessarily need a college degree in order to succeed in this world. You can always start your own business or be a professional poker player.

Irieguy

[BradleyT]

You want us to do your homework?

Thank you for the reply limpin, it was exactly what I was looking for.

As for everyone else, it appears some of you people have large objects that need to be removed from your anuses.

When did I say EV has to be about poker? I could introduce it as a simple game theory equation or relate it to something other than poker. I'm amazed by the lack of intelligence thought that was put into the almost all the replies. I'll be laughing when I'm at Stanford (no, thats not a community college), and you're spending 6hrs a day whining on an internet forum.

-grant

[brimstone1]

[ QUOTE ]
Thank you for the reply limpin, it was exactly what I was looking for.

As for everyone else, it appears some of you people have large objects that need to be removed from your anuses.

When did I say EV has to be about poker? I could introduce it as a simple game theory equation or relate it to something other than poker. I'm amazed by the lack of intelligence thought that was put into the almost all the replies. I'll be laughing when I'm at Stanford (no, thats not a community college), and you're spending 6hrs a day whining on an internet forum.

-grant

[/ QUOTE ]

Here's an +EV situation: First get accepted to Stanford with an essay about EV, then talk [censored].

PS: Could've sworn Stanford was a community college... hmm /images/graemlins/confused.gif /images/graemlins/smile.gif /images/graemlins/confused.gif

[Deuce2High]

[ QUOTE ]
Rating this thread 1: +EV.
Taking a dump in it: +EV.
Taking a piss in it: +EV.
Writing about poker to your college: -EV.
You writing about poker to your college, though, is +EV for anyone else applying.

gg.

Oh, and don't worry, my post won't ruin your thread, we have a handful of 2+2 experts dying to answer such mundane and ridiculous, OT questions 24/7. They'll arrive shortly.

[/ QUOTE ]

Wow you're an ass.

[AA suited]

driving 6 miles out of state to fill up at a brand name gas station that's $0.40/gal cheaper @ $2/gal. That's 12miles round trip. your car gets 36mpg.

if you drive at 60mph, that's also 12 minutes out of your way. your normal gas station is on the same block as your house.

assume your car needs 15 gallons, and you are a 10% ROI player at $50+5 4 tabling. (the quad takes 1hr to play)

EV=(15*.4)- ($2 x 1/3 gal) - ($22 x 1/5hr)
=6 - .66 - 4.4
=.94

It'll be +EV to get the cheaper gas.

I dont know how to do EV calcs with abstract ideas such as friendship, trust, love, hate, (add emotion here), etc.

brimstone, what is going on in your life that makes you so upset?

The more important things in life can't be calculated by numbers so your essay is going to sound pretty dumb when you try to figure it out like that.

It's already showing in your original post. Saying "Marriage = +EV" is obvious or simple just openly states that you clearly aren't thinking it through.

[Isura]

[ QUOTE ]
Writing about poker to your college: -EV.

[/ QUOTE ]

Maybe you are a bit slow, but the OP's post has nothing to do with poker.

[axeshigh]

If I were going to Stanford I would write about Milgram and Zimbardo.