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This is a blog on why we believe and do what we do, why we pretend otherwise, how we might do better, and what our descendants might do, if they don't all die.
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In recent months, there have been millions of dollars bet in options markets, as traders seek a big payday in the event that the economy heads south – and this hasn't raised an eyebrow. But when an Aussie bookie began offering bets on whether the Australian economy is headed for recession, he stirred up a bit of strife. Federal Treasurer Wayne Swan called the bookie's actions "utterly irresponsible." The contrast between the Treasurer's response to financial trades and bookies' bets provides a nice example of how people respond differently, depending on how a bet is framed.
Presuming Bets are Bad
And it is considered responsible to make longshot high payoff bets that close family members will die unexpectedly.
That is a very good point.
And it is considered responsible to make longshot high payoff bets that close family members will die unexpectedly.