Quote:
Originally Posted by theslymonkey
That 5K is a sunk cost.
He's now is holding a 1M note (it's actually worth more, but that's the offer).
I am usually the one to take a sure thing. But the offer is crap given the available odds.
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It's only a $1M note if he accepts the offer.
If he doesn't, then it's worth nothing or $2.5M.
A sane person will convert the bet slip into a $1M note. An irrational one will gamble on getting zero or $2.5M.