Relative Value Of course, there are other reasons to take bets other than payoffs.
{"Image DocumentName": "Relative ValueOf course, there are other reasons to take bets other than payoffs.", "Image ImageDescription": "Your own needs, preferences and resources can affect the value of a bet as well. The value a bet has, given such considerations, is the relative value. Example: The relative value of betting  100 for a long shot at a billion is high for a millionaire (he can afford it), but low for a homeless person (who wouldn\u2019t want to risk money he can use to eat on a long shot at a billion). Diminishing marginal value: as quantity of bets increase, the relative value of the bets tends to decrease. If you are really hungry, you are willing to buy a piece of pizza for  10 (if that is all that is available). It\u2019s relative value is really high. But after you eat it, and your hunger subsides somewhat, its relative value drops and you are less willing to pay so much. Buy enough pizza, and you won\u2019t be willing to pay much at all. Buy too much (and eat it) and you won\u2019t take it for free.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}