Hedging Against Uncertainty by Betting on People
Posted: May 15, 2020
Updated: May 15, 2020
What is betting on people?
Weak-tie friendship targeting.
Corruption as a form of betting.
Hedging against uncertainty by betting is a strange call at first glance. However, the word betting can be interpreted as putting some effort or goods into something and waiting for return and profit. An investment can be interpreted as betting too. You know the market, the prices, but you can never be 100% sure that your investment is coming back to you. How can you avoid the uncertainty by betting on people and what all this has to do with corruption? A broad reading of betting and a philosophical adventure follows.
Did you go to high school? Usually, there are three turbo students in the front row and a few bad boys in the back. If you listen during class, you might farewell on the exams, but if you pay no attention then you will fail. Just like any other type of betting, betting on people by befriending them could work as a strategy to build a stable life outside of betting.
The Power of Weak-Tie Networks – Hedging Against Uncertainty by Betting
Betting on people by buying them a drink or listening to them helps your future. You never know which relationship helps your advance in life, but they sure do. Anatol Rapoport in 1957 defined weak-tie hypothesis relationships as a method that does increase the „greater than chance” phenomenon. If A and B knows C, there is a greater than the chance probability that B and C know each other.
Hedging with Focus
Greater Than Chance probabilities in life can be achieved by focus. Focusing on what you do, focusing on your loved ones when they talk, focusing on your self, and focus on your skillset. This will aid you in achieving your targets.
Weak-tie Friendship Targeting
Targeted advertisements take part in a process to bet on which consumer will purchase their services and goods. Some spend a large amount on targeting specific age groups. The advertisers basically bet on people to make them their costumers. Basically paying upfront by investing money into getting your attention with advertisements. This same logic helps people bet on friendships by buying gifts and inviting them for lunch or other perks. However, doing so for a government official its considered corruption.
Hedging against uncertainty with friendship
Corruption is an illegal practice that has been around for over 5000 years. Its a method of befriending political, military, and other forces through gifts and money. While it is highly illegal in most countries, it is legal between friends and family. This means that if your not a politician or a military chief you can organize with gifts and treasure a large network of weak-ties that will provide a large number of positive outcomes. This is how you can hedge against uncertainty by betting on people.
Chinese Government is increasing the “greater than chance” probability that income from betting in china goes to good causes by enforcing strict rules. As you can know from online sportsbook news in the US, the income from betting and lottery in China goes towards elderly and youth care. By careful planning and thinking ahead you too can increase the “larger than chance” probability to live a fulfilling life by betting on the right strategy and the right people. While online gambling is highly regulated in China, there are some operators who offer services. 1xBET Casino is one of them with the most available options.