Do you consider economic utility?

I'm starting to think that a lot of the disputes about math on this website stem from a misunderstanding or lack of regard for the economic utility of the bet in question.

There's more to making a bet than decimal points.

Apples and oranges.

Economic utility is a subjective thing, relating to the personal satisfaction or enjoyment one has in doing something, in this case betting,

The math however is objective and benignly indifferent as to whether you are enjoying yourself.

Of course people consider economic utility when choosing to play or not play a game; the savvy ones factor the applicable math into their decision, or at least are aware of it and choose to play anyway.

Quote: AlanMendelson

I'm starting to think that a lot of the disputes about math on this website stem from a misunderstanding or lack of regard for the economic utility of the bet in question.

There's more to making a bet than decimal points.
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We are all aware of that. Two games I really enjoy, Pai Gow Tiles and Pai Gow Poker, are -EV games. I decide that that the money I risk, more likely than not to lose, is worth the thrill/camaraderie/challenge of playing. Alan, no one here begrudges you the right/opportunity/desire to roll dem bones; the purpose of this site is to educate you on the likely results. Mike has made it clear he just wants to educate the masses so they are AWARE of the odds/best bets/house edges etc.. of the games. NO ONE is under any illusion that by pointing out both player and banker are bad bets that people will give up baccarat because of it!

How many of you hedge bets at craps? How many of you play for comps? How many poker players sell shares in tournaments? How many of you get rated with a player's card?

Now let me ask...

How many of you don't hedge, don't play for comps, don't sell shares, don't get rated?

These are math decisions too.

To what degree do ploppies factor math into their gambling decisions?

If little or none, what then drives their decision making?

Quote: MrV

To what degree do ploppies factor math into their gambling decisions?

If little or none, what then drives their decision making?
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I believe their decision process is:

Have I lost my entire bankroll?

No: keep playing
Yes: stop playing

I'm going to have a lot less satisfaction from the economic utility of my utility bills doubling, so I've got to make my free plays worthwhile so I can save electricity by being away from home.

Quote: ChumpChange

I'm going to have a lot less satisfaction from the economic utility of my utility bills doubling, so I've got to make my free plays worthwhile so I can save electricity by being away from home.
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LOL

Reminds me of a skit on TV... standing in front of an open refrigerator because they couldn't afford an air conditioner.

Quote: MrV

To what degree do ploppies factor math into their gambling decisions?

If little or none, what then drives their decision making?
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No one said there aren't morons in this world.

But making an informed decision involves more than just the house edge on a bet.

Quote: AlanMendelson

But making an informed decision involves more than just the house edge on a bet.
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Assuming you enjoy playing a certain game, what does an informed decision involve besides knowing the edge (and variance) of a bet?

Let me guess: skill level of the shooter, elapsed time since a 7 has been rolled, hot/cold table status and moon phase