I'd probably be happier with the million to be honest. The billion would probably go to my head and make me a lazy good-for-nothing. I'd take the million.
Related: one suggested utility function is u=log(m), where m is the amount of money you have and u is the utility gain. For this case, it does indeed predict that you should go for the million. Such a utility function also constitutes an interesting (though crude and simplistic) argument for the redistribution of wealth.
A million isn't going to last me through to my retirement, I'll take the 50/50 on a billion.
BossPerson
It could if you spend it properly. It easily can. Just don't spend the million like you have a billion. At worst all you'd need is a little part time job a couple times a week.
While there is a risk that I may not get anything I would still opt for the billion. I believe that it is more likely that I may come across an opportunity to make a million later in life than I would ever get the chance to make a billion.
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