Theory From One of Sklansky\'s Books
I have read "Poker, Gaming & Life" by David Sklanksy (is it socially acceptable to admit this in this forum?) and most of it seems logically correct, and is interesting, but one bit I disagree with
Basically DS says that it is illogical for some one to take a 1 in 1000 chance of dying for $25,000. He reasons no one would accept $2.5 million and take certain death, and this has the same mathematical EV as the 1 in 1000 case, therefore it is illogical to take the 1 in 1000 chance of dying for any amount of money.
I would quote a few paragraphs, but I'm not sure about the legality and morality of that or whatever
anyway, before I get into this, I thought I'd let Sklansky confirm or deny this claim, maybe I have missinterpreted what he was trying to say or whatever, but it looks to me like a big mistake
|