Risk Aversion

[thspfc]

As the instigator of this discussion, I feel I should weigh in. It starts with reply #488 of the Illinois Road Videos thread.

I don't consider myself a particularly risk-averse person. For example, I'm an avid skier, and I'm pretty good at it. I'm not afraid of even the most intimidating trails at Rocky Mountain ski resorts (trails designated double black or extreme terrain, of which I have done many). Most people would stare down in horror at such trails. I wear a helmet because I'm not an idiot.

That said, backcountry skiing is a no for me (as it is for everyone except the minuscule number of people who are both daredevils and excellent skiers). I won't put myself in any situation where I feel that I could feasibly get lost and not be found.

During Covid, I never lost sleep out of concern for my health or the health of those close to me, because trends showed that we (at our ages and fitness) were overwhelmingly unlikely to suffer major complications or death from the virus. I stopped wearing a mask as soon as I was allowed to.

When it comes to the original discussion about bad neighborhoods, it's a question of risk/reward more than it is a question of sheer probability.

Every time you get in a car, you are subjecting yourself to the leading cause of accidental death, and the leading cause of death period for people between ages 5 and 29. But dozens of millions of Americans (including me) still do it every day, multiple times, because the reward outweighs the risk.

What's the reward for hanging around in bad neighborhoods? Unless you have a specific task to do (which I don't), basically nothing. Even if the risk is small, it's not worth it.

If I'm traveling and have to stop in a sketchy area, I stop. But I would rather stop in a safer neighborhood than a less safe one if possible.

[Takumi]

Also, does anyone else get tweaker and twerker mixed up sometimes?

Nobody really uses the term "twerk"  anymore, so no.

[kphoger]

Also, does anyone else get tweaker and twerker mixed up sometimes?

Nobody really uses the term "twerk"  anymore, so no.

And here I thought no one uses the term "tweaker" anymore.  Shows what I know.

[Max Rockatansky]

I've never once encountered a bed bug in hundreds of hotel stays.  In all my years of managing hotel security I've only ever had once instance of bed bugs being found.  I don't know why anyone worry over something that is so unlikely to be encountered. 

[formulanone]

I dunno, I'm probably kind of average-to-meh on the risk aversion scale, but I feel like I take enough little risks and push my luck enough times that I don't feel unfulfilled. As I get older, I don't take as many physical risks but also have to acknowledge that I've had a lot of risky (as well as dangerous and illegal) fun in the past, and it's long since time to move on from those attitudes.

The big fallacy comes from the masses thinking that because one doesn't take the same risks as another individual, that they are somehow not living a complete life or surpassing the same artificial thresholds. It could be they're more adept at handling their individual goals or living this silly game by another interpretation of the rule book.

[Scott5114]

Also, does anyone else get tweaker and twerker mixed up sometimes?

Nobody really uses the term "twerk"  anymore, so no.

And here I thought no one uses the term "tweaker" anymore.  Shows what I know.

It is often used in casinos to generally refer to any unsavory person that engages in tweaker-like behavior (collecting abandoned slot tickets with values less than $1, repeatedly presenting $1 worth of coins at the cash cage for $1 bills, petty theft, etc.)

[Rothman]

The big fallacy comes from the masses thinking that because one doesn't take the same risks as another individual, that they are somehow not living a complete life or surpassing the same artificial thresholds. It could be they're more adept at handling their individual goals or living this silly game by another interpretation of the rule book.

Yep.  Assuming others should take the same risks as one does leads to things like individuals risking other people's lives -- other people that would rather their lives not be risked.

[GaryV]

Depends.

Yes, they certainly do mitigate some risks.

[Rothman]

Depends.

Yes, they certainly do mitigate some risks.

I was wondering when someone was going to hit that softball

[CoreySamson]

I think I'm in the middle of the road when it comes to risk aversion (probably somewhere close to formulanone on the grand scheme of things). I really like doing exciting new things, and some things people find intimidating (COVID-19, roller coasters, public speaking) I'm fine with, but I am very conservative and measured with other things (I feel uncomfortable speeding, I don't really like pushing my luck, etc.). I suspect this dichotomy is because of my personality (enneagram 5 wing 4).

On the topic of COVID, I had Omicron in late January when it was really bad down here. It felt like the flu for about two days but really wasn't that bad otherwise.

[abefroman329]

It is often used in casinos to generally refer to any unsavory person that engages in tweaker-like behavior (collecting abandoned slot tickets with values less than $1, repeatedly presenting $1 worth of coins at the cash cage for $1 bills, petty theft, etc.)

How is this a worthwhile endeavor for the tweaker?

[kurumi]

For me, it's very situational. Let's take... choosing something or somewhere to eat.

By myself, I'll often try something new. If it's disappointing, oh well. Little or no regret.

If I'm picking for others, I'm a lot more risk averse. This is one of those things where some people like to give you responsibility over things you don't really control. If anything about that meal is unsatisfactory in any way, they complain to the person that made the choice.

[kphoger]

It is often used in casinos to generally refer to any unsavory person that engages in tweaker-like behavior (collecting abandoned slot tickets with values less than $1, repeatedly presenting $1 worth of coins at the cash cage for $1 bills, petty theft, etc.)

How is this a worthwhile endeavor for the tweaker?

Meanwhile, twerkers do the opposite:  they take all the 1s they've earned and cash them in for quarters.

[Scott5114]

It is often used in casinos to generally refer to any unsavory person that engages in tweaker-like behavior (collecting abandoned slot tickets with values less than $1, repeatedly presenting $1 worth of coins at the cash cage for $1 bills, petty theft, etc.)

How is this a worthwhile endeavor for the tweaker?

Modern slot machines accept paper money but not coins. So the cycle is to search the casino floor picking up loose change and abandoned slot tickets until you reach $1, go bother a cashier to get a $1 bill, put it in a machine, lose it, then go back to scrounging for change for the next dollar.

[Rothman]

It is often used in casinos to generally refer to any unsavory person that engages in tweaker-like behavior (collecting abandoned slot tickets with values less than $1, repeatedly presenting $1 worth of coins at the cash cage for $1 bills, petty theft, etc.)

How is this a worthwhile endeavor for the tweaker?

Modern slot machines accept paper money but not coins. So the cycle is to search the casino floor picking up loose change and abandoned slot tickets until you reach $1, go bother a cashier to get a $1 bill, put it in a machine, lose it, then go back to scrounging for change for the next dollar.

But that next dollar will be a winner.

[Scott5114]

It is often used in casinos to generally refer to any unsavory person that engages in tweaker-like behavior (collecting abandoned slot tickets with values less than $1, repeatedly presenting $1 worth of coins at the cash cage for $1 bills, petty theft, etc.)

How is this a worthwhile endeavor for the tweaker?

Modern slot machines accept paper money but not coins. So the cycle is to search the casino floor picking up loose change and abandoned slot tickets until you reach $1, go bother a cashier to get a $1 bill, put it in a machine, lose it, then go back to scrounging for change for the next dollar.

But that next dollar will be a winner.

Yeah, with that $1, they might well win...$2!!

[hotdogPi]

$1 bills shouldn't exist anymore, anyway. Canada, the UK, the euro, Australia, and New Zealand all have 1 and 2 as coins, while their lowest banknote is 5. (Switzerland and Japan go farther and have 5 francs and 500 yen as coins and 10 francs and 1000 yen as the lowest banknote, but I don't think we need to do that.)

All the currencies I mentioned are somewhat similar to the US dollar (New Zealand at NZ$3=US$2 is the farthest away), with some above and some below, except Japan where yen are basically cents instead of dollars.

[jeffandnicole]

$1 bills shouldn't exist anymore, anyway. Canada, the UK, the euro, Australia, and New Zealand all have 1 and 2 as coins, while their lowest banknote is 5. (Switzerland and Japan go farther and have 5 francs and 500 yen as coins and 10 francs and 1000 yen as the lowest banknote, but I don't think we need to do that.)

All the currencies I mentioned are somewhat similar to the US dollar (New Zealand at NZ$3=US$2 is the farthest away), with some above and some below, except Japan where yen are basically cents instead of dollars.

What makes them right and us wrong?

[Rothman]

$1 bills shouldn't exist anymore, anyway. Canada, the UK, the euro, Australia, and New Zealand all have 1 and 2 as coins, while their lowest banknote is 5. (Switzerland and Japan go farther and have 5 francs and 500 yen as coins and 10 francs and 1000 yen as the lowest banknote, but I don't think we need to do that.)

All the currencies I mentioned are somewhat similar to the US dollar (New Zealand at NZ$3=US$2 is the farthest away), with some above and some below, except Japan where yen are basically cents instead of dollars.

What makes them right and us wrong?

^This.  Isn't printing paper easier than minting coins?

[formulanone]

$1 bills shouldn't exist anymore, anyway. Canada, the UK, the euro, Australia, and New Zealand all have 1 and 2 as coins, while their lowest banknote is 5. (Switzerland and Japan go farther and have 5 francs and 500 yen as coins and 10 francs and 1000 yen as the lowest banknote, but I don't think we need to do that.)

All the currencies I mentioned are somewhat similar to the US dollar (New Zealand at NZ$3=US$2 is the farthest away), with some above and some below, except Japan where yen are basically cents instead of dollars.

Talk to the Bureau of Printing and Engraving and let them know how you feel about that.

We can't even get rid of the one cent piece without people losing their mind.

[thspfc]

$1 bills shouldn't exist anymore, anyway. Canada, the UK, the euro, Australia, and New Zealand all have 1 and 2 as coins, while their lowest banknote is 5. (Switzerland and Japan go farther and have 5 francs and 500 yen as coins and 10 francs and 1000 yen as the lowest banknote, but I don't think we need to do that.)

All the currencies I mentioned are somewhat similar to the US dollar (New Zealand at NZ$3=US$2 is the farthest away), with some above and some below, except Japan where yen are basically cents instead of dollars.

What makes them right and us wrong?

Japan can do no wrong ever in the eyes of some.

[jeffandnicole]

$1 bills shouldn't exist anymore, anyway. Canada, the UK, the euro, Australia, and New Zealand all have 1 and 2 as coins, while their lowest banknote is 5. (Switzerland and Japan go farther and have 5 francs and 500 yen as coins and 10 francs and 1000 yen as the lowest banknote, but I don't think we need to do that.)

All the currencies I mentioned are somewhat similar to the US dollar (New Zealand at NZ$3=US$2 is the farthest away), with some above and some below, except Japan where yen are basically cents instead of dollars.

What makes them right and us wrong?

Japan can do no wrong ever in the eyes of some.

Or Switzerland. Or Canada. Or some random country that is different from everyone else.

[Rothman]

$1 bills shouldn't exist anymore, anyway. Canada, the UK, the euro, Australia, and New Zealand all have 1 and 2 as coins, while their lowest banknote is 5. (Switzerland and Japan go farther and have 5 francs and 500 yen as coins and 10 francs and 1000 yen as the lowest banknote, but I don't think we need to do that.)

All the currencies I mentioned are somewhat similar to the US dollar (New Zealand at NZ$3=US$2 is the farthest away), with some above and some below, except Japan where yen are basically cents instead of dollars.

What makes them right and us wrong?

Japan can do no wrong ever in the eyes of some.

Or Switzerland. Or Canada. Or some random country that is different from everyone else.

I am fine with country comparisons when the results matter (e.g., healthcare, where other countries with public healthcare systems kick our butts on healthcare outcomes).  But, it's hard to see the greater benefit of using coinage for dollars.  We've tried that for decades without Americans liking them.

I suppose coins are harder to counterfeit, but what other advantages are there?

[hotdogPi]

I suppose coins are harder to counterfeit, but what other advantages are there?

Coins last longer and don't have to be replaced nearly as often.

[kphoger]

I suppose coins are harder to counterfeit, but what other advantages are there?

Coins last longer and don't have to be replaced nearly as often.

Life expectancy of a circulating bill = 6.6 years
Printing costs for a dollar bill = 7.5 cents

Life expectancy of a circulating coin = 30 years

I'm having trouble finding an official source for the cost to mint a dollar coin, but half-dollar coins cost 11.7 cents to mint.

Over the course of a coin's life expectancy, there would need to be 4.5 dollar bills printed, at a total cost of about 34 cents.  Even if it costs substantially more to mint a dollar coin than a half-dollar coin, it would still be much cheaper to switch to coins.