[alexpetralia]

And in a similar vein, you could use the Kelly criterion for how to optimally allocate your time/effort/capital.

[cpeterso]

For those who, like me, didn't know what the Kelly criterion was: In probability theory and intertemporal portfolio choice, the Kelly criterion is a formula used to determine the optimal size of a series of bets.

https://en.wikipedia.org/wiki/Kelly_criterion