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~ But that definition and my risk tolerance would change for things like say investment opportunities with lower risk and positive expected returns.
In such case I'd be potentially willing to risk any amount that won't cause a massive disruption to my life.And what amount would
you risk having only 17% chance to win?
I mean, since it's only one try, you will most likely lose it, right? I personally would risk "any amount that won't cause a massive disruption to my life", like you said, only if the multiplier was something like around 1,000x. Yes, I would try my luck then, even with an amount painful to lose, but for just potential 12x win, I wouldn't stake much.
The part highlighted by you refers to relatively safe investment opportunities. For the 17% single dye roll - I honestly don't know,
that's essentially why I started this topic. ~
Yes, it is an interesting topic, and I hope to see more of reasonable replies in this thread.
I feel like I'd probably go with ~25% of the amount defined as "amount I can afford to lose" for the purpose of gambling as defined in the post you've quoted, aka 25% of my monthly "fun and entertainment" budget. There's not much math involved in determining that stake size, it just *feels* right, it won't hurt much if I (likely) lose but still gives a sense of taking a proper advantage of the positive EV bet.
I see. Indeed when we are talking about an "amount we can afford to lose", we must define the period of time. To me personally, "25% of my monthly "fun and entertainment" budget" would be too much for such a bet. But I probably would bet 25% of my
daily fun and entertainment budget, because, you are right, with not much math involved, it just feels right for us gamblers to try out a positive EV game.