I've greatly enjoyed this tangent! Back to payment things, as someone who made a fraction of what her peers did for many many years (until 2023), I've always tried to pay it forward because many of my friends have bought me drinks and dinners and whatnot. As a vegetarian I've been shafted in India but as a big drinker I usually make it up. I just always openly said, I can't go to this place, I can't afford it. Or guys, I'm going to get a separate bill.
These days though I feel like nobody eats or drinks enough to totally throw the balance out, so today maybe I'm subsidising your prawns but tomorrow someone will subsidise my third drink. In business school when we went out in large groups we made sure to run tabs at the bar and pay for ourselves but that was also possible because it's very much the culture in Spain. The occasional dinner would be split evenly. I try to pay for younger broker people in my life at least every alternate hangout, and tell them to pay it forward. I do think we need to let go of this everyone is trying to take advantage mindset... And also learn to receive. So I'm glad I was able to do both On Sun, Jan 28, 2024, 10:58 Charles Haynes via Silklist < [email protected]> wrote: > > > On Sun, 28 Jan 2024 at 13:11, Jeremy Bornstein <[email protected]> wrote: > >> Oops; I knew there was something wrong with my math. If the proposal is >> to pay $1 for an 80% chance of winning $2 and a 20% chance of not getting >> any money back, the EV of that bet is actually $1.60. Right? >> > > Right. EV is the sum of the expected outcomes. So 0.8*2 + 0.2*0 = 1.6 > > I agree that I would not accept any kind of payment for cold showers if I > thought the payment would harm the payer. I think I would accept $500/day > from either Jeff Bezos or or from someone roughly my financial peer. > Perhaps I don't really believe in "from each according to their ability!" > Hm. > > Other possibilities for why two people might agree to a wager is that > given the same information they have come to different conclusions. (I > think this is frequently the case.) But another possibility is that one or > both of them may have non-objectively rational reasons for preferring one > of the outcomes - this is the kind of bet I prefer to offer, in that the > monetary consideration will sometimes cause the person to objectively > re-evaluate the likelihood of their preference. "Putting your money where > your mouth is." > > Finally, even given the same facts, one of the people may just be making a > mistake in computing the odds. I used to enjoy looking for arbitrage > opportunities in prediction markets but there's not enough money and too > much friction to make it worthwhile. > > — Charles > -- > Silklist mailing list > [email protected] > https://mailman.panix.com/listinfo.cgi/silklist >
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