People make two kinds mistakes when faced with decisions under uncertainty. Sometimes they stay the course when they really should quit, because they'll lose their investment if they drop out: "In for a penny, in for a pound" as they say. The other is to quit, because the odds say they won't succeed. Don't throw good money after bad."
Pot Odds
Pot Odds
Pot Odds
People make two kinds mistakes when faced with decisions under uncertainty. Sometimes they stay the course when they really should quit, because they'll lose their investment if they drop out: "In for a penny, in for a pound" as they say. The other is to quit, because the odds say they won't succeed. Don't throw good money after bad."