Lotteries and waiting
Assume that the institution offering these things is fully vetted by the Gambling Commission, insured so that you still get the money if they fold, and has every other kind of guarantee and backer you care to think of so that they are in every way 100% trustworthy.
Would you rather have
A guaranteed £500 now
24(32.9%)
A 15% chance of £1,000,000 now
49(67.1%)
Would you rather have
A guaranteed £500 right now
4(5.5%)
A guaranteed £1,000,000 in ten years
69(94.5%)
