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

Re: OT: +EV Situations in life?
 

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.

Re: OT: +EV Situations in life?
 

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.

Re: OT: +EV Situations in life?
 

Self Censor: that was rude, post deleted.

Brimstone, it involved you...

Re: OT: +EV Situations in life?
 

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

Re: OT: +EV Situations in life?
 

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

Re: OT: +EV Situations in life?
 

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

Re: OT: +EV Situations in life?
 

[ 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

Re: OT: +EV Situations in life?
 

You want us to do your homework?

Re: OT: +EV Situations in life?
 

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