+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

[Prevaricator]

by EV do you mean money and only money?

If so, I think that's an obnoxious thing to say.

[RDWallace]

If you want to attend college, my advice would be to find a different essay topic.

Do you really think you are making a brilliant observation here?

[sarcasm] Wow! You mean I can weigh costs and benefits when I'm not gambling? There is more to statistics than counting poker outs? Outside of Texas Hold'em, people take calculated risks? Jesus Christ, I can't believe it.

I would list examples but what a waste of time.

[Nightwish]

As another poster mentioned, this is a horrible topic for an essay. To put this in your terms, this essay is very much -EV.

[cwsiggy]

[(Having a hankering for a chocolate shake and satisfying it) * (going to get it)]
- [(not enjoying shake) * (chance of getting in accident on way or an allergic reaction)]

[(100 * 100%)] - [(1 * .0000000000001)] = +EV!!

[rbenuck4]

+EV would be not mentioning poker or any poker terms in a college essay. I don't think colleges want to see that you are a degenrate gambler (and this is how it is very likely to be perceived as it is possible that a 50 year old menopausal woman will be reading it).

[Cyrus]

[ QUOTE ]
No obvious simple answers like "Marriage = +EV"


[/ QUOTE ]

Try again.

[dibbs]

I hate this extension of the idea/phrase.

I'd avoid using this as an essay if possible, not just cuz I hate the phrase either. I just dont think it would represent you too well.

[Evan]

First, every decision you make in life should be based on EV, in a sense. So your topic is really boring ad obvious.

Second, don't write your college essay about anything relating to gambling.