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Because the pirates are not playing the lottery -- they are acting rationally. I think that idea is subsumed by "risk neutral".

As I said before, if you assume risk neutrality, a lot of my concerns go away.

But the original problem didn't say the pirates were risk neutral, and solasis often discuss concepts, especially on this board, that emphasize the point that making different decisions based on differing tolerances for risk is not inherently irrational.

I agree that failing to assume risk neutrality makes the problem much more complex. But then, I was always the one who tried to introduce private bank financing into Monopoly games as a kid.

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