1. Usually, I consider myself as a risk-seeking individual who is willing to take on unimaginable risks. By doing so, I exemplify the qualities of a business-oriented person since, in the current world, one has to risk to make progress and explore new ideas.
2. If I was approached by the host of ‘Would You Take This Bet?’ I would need to win $20 to take part in the coin flip for $10. However, it is evident that each step involves risking since, in the first trial, I might lose the $10, and in the second one, I might also lose since the chances of the coin falling on the head or tail are unpredictable.
3. I agree with the video that people usually feel loses more than gains. This is because, when we lose, we tend to move from the initial financial position we were in to a lower one. For instance, if one had 10 dollars and loses it, he or she would not afford to purchase an item worth the same amount and this might affect how one lives. Thus, it hurts a lot. On the other hand, winning an equivalent $10 would make someone happy although many people are not willing to risk losing the amount they have for gaining a similar amount.
4. If the host approached me and proposed to flip the coins more times while I pay $10 for each trial, I would decline the offer. This is because, even though I am a risk-seeking person, the chances of losing $10 in every attempt is high and might cause a lot of harm to my financial status. However, if I would do so and win the first two trials, I would be willing to go on.

Response to Posts

Response to Post 1

After reading your post, I found out that we share one thing in common, that is being risk-seeking. I agree with you that in most cases, such a trait helps one to make progress in life. This is because, by taking risks, we can explore new ideas which could not have manifested themselves without our curiosity. Regarding the bet, one can either loose or gain the $10 as portrayed in the video but many people fear the loss forgetting about the possible gain. However, it is good to choose the amount to bet on since the loss can be unbearable, for example, when $1000 is involved. I believe that the higher the amount one bets on, the more painful the loss. I also concur with you that everyone has the tendency of being inclined towards gaining rather than winning and this shows how we all fear losses.

Response to Post 2

You have indicated that you can be risk-seeking when there is more to gain than to lose. I believe that this is a common trait among many other individuals since they want to gain. However, it is hard to gain without having to risk losing. This means that in various aspects of one’s life, risk is viewed as an ingredient that determines how successful people can be at any given time. From your post, I can see that you are willing to take multiple bets for $10 each so long as they are financially viable. I think this is a way to go for many people, but when it comes to betting a considerable amount at a go, it would be hard to make such a decision. This is because the higher the perceived loss, the harder to accept that offer.

Works Cited

“Would You Take This Bet?”. Youtube, 2019, https://www.youtube.com/watch?v=vBX-KulgJ1o.

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