Tag Archives: uncertainty

Long Term Gains

Consider the choice of buying a car. In this argument, car A is fuel-guzzling, but cheap, whereas car B is fuel-efficient, but costly. This is a typical situation we face, where we have to decide between short-term and long-term gains. … Continue reading

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Poker

Poker is an interesting card game involving aspects of risk-taking, skill, chance, probability and psychology. This game serves to illustrate two concepts we have discussed before – randomness and sunk-costs. The following discussion will refer to the “Texas hold ’em” … Continue reading

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