Current Prices in t...
 

Current Prices in the Virgin Islands 2016  

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wanderer
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January 8, 2016 10:31 pm  

Exit Zero wins.

Here is the next (much more difficult) challenge. To attract the tourism to VI, governor Mapp authorizes a casino on STX, run by the VI government. In that casino, the odds are stacked in favor of the gamblers, as opposed to the regular casino where the odds are against the gamblers.

The game played in the casino is called "Bankrupt the VI Government, If You Can". The rules are as follows:
-- you place a bet
-- the dealer flips a coin
-- if the outcome is "heads", you lose your bet
-- if the outcome is "tails", you get your bet back, plus twice the amount of your bet

Assume that the coin is fair, that the dealer is honest, that you can play this game infinitely many times, and that the VI government has infinite amount of money. Also assume that you can only play with what you have now your wallet. That is, once the game has started, you can't borrow money, can't use your credit card or bank account, and can't "re-buy". If you run out of money, the game is over, and you can never play again. You can bet any amount greater than zero, up to 100% of your total amount.

What percentage of your money do you bet on each try?


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wanderer
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January 8, 2016 10:33 pm  

How much in dividends was paid during the hold period?

Haha. I like your attention to detail. Assume zero dividends.


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STTsailor
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January 8, 2016 11:42 pm  

Where is this casino?

You need to apply Kelly Criterion to size up your bet to the size of your bankroll. In infinite number of games your odds are 50%. Then you have to factor in two standard deviations +- that 50%. You continually adjust your bet based on the outcome of your prior games that determine your bankroll. That casino will go belly up.


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STTsailor
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January 8, 2016 11:49 pm  

Since each coin toss is independent even the probability of multiple, consecutive, negative outcomes does exist. So yes, the player can go belly up too. One can not insure for player's bankruptcy but one can minimize the risk.


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wanderer
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January 9, 2016 12:15 am  

You are on the right track, STTsailor. So, what's your bet percentage?


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STTsailor
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January 9, 2016 12:37 am  

I have not done the calculations but betting 1% of your bankroll would put the player in a fairly safe territory. That is conservative but would provide for less volatility.


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Alana33
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January 9, 2016 1:42 am  

Give it a rest.
The Op is asking questions he'd actually like answered.


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STTsailor
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January 9, 2016 11:36 am  

There is this saying: "if you have to ask how much it costs you probably can't afford it."

It costs $1000 a month for groceries for two adults here if you are omnivore who likes to eat well and have a glass of wine w dinner.
For the same fair on mainland I was spending $650 a month. It is super expensive to live here unless one is vegetarian and has time for subsistence gardening.

Dinner for two in the restaurant runs $150 w tip. Twice what I am used to pay in Philadelphia.

Surprisingly my electric here is very low ($50) as I do not use AC and all lights are LED and have solar water heater.

Living in paradises come at the price. Sailing and diving here is excellent. Worth every penny. If not for water sports I would not live here year round as entertainment is very limited.


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FLLisa
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January 9, 2016 12:57 pm  

Just to give a different perspective - two people can go out to eat with multiple glasses of wine and/or rum drinks for considerably less than $150. You can get a great meal and enjoy a wonderful atmosphere, whether it's sitting by the water or eating roti in town. When we're there, I guess my husband and I go to less up scale places (not just the Chicken Shack!).

Concerning groceries, it's been discussed on various other threads here that if you shop carefully and buy staples on sale, you can certainly come in below $1,000/month for two people.


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shangirl
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January 9, 2016 2:57 pm  

It is super expensive to live here unless one is vegetarian and has time for subsistence gardening.

This is interesting since in the states many consider it to be much more expensive to eat vegetarian, at least if you are eating a healthy diet with alternative protein sources. Many specialty food items that vegans and vegetarians eat are more expensive here. Unless you want to live off beans and rice.


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Scubadoo
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January 9, 2016 3:26 pm  

Just to give a different perspective - two people can go out to eat with multiple glasses of wine and/or rum drinks for considerably less than $150. You can get a great meal and enjoy a wonderful atmosphere, whether it's sitting by the water or eating roti in town. When we're there, I guess my husband and I go to less up scale places (not just the Chicken Shack!).

Concerning groceries, it's been discussed on various other threads here that if you shop carefully and buy staples on sale, you can certainly come in below $1,000/month for two people.

(tu)


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Finatic
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January 9, 2016 3:30 pm  

It is super expensive to live here unless one is vegetarian and has time for subsistence gardening.

This is interesting since in the states many consider it to be much more expensive to eat vegetarian, at least if you are eating a healthy diet with alternative protein sources. Many specialty food items that vegans and vegetarians eat are more expensive here. Unless you want to live off beans and rice.

We have been both vegan and vegetarian, now are mostly vegetarian. On STX it is more difficult to be vegetarian in many ways than stateside as there is lack of variety in both produce and staples such as beans, rice, and tofu (the specialty food items you mention), all which are more expensive on STX as well. We order much from the states and returning from stateside we always fill up a suitcase with food to bring on our return.

While some gardening grows easily on STX and there is an abundance of fruits, many staples of the garden are difficult to grow due to heat and latitude. Tomatoes, squash, lettuces, carrots, peppers, all do not grow well on STX unless you grow one of the local limited varieties. They are not the same as stateside.

If you can subsist off of okra, cucumbers, local squash pumpkins, plantain, fruits, and sweet potato you will be fine ("subsistence gardening" ), but consider other vegetables more challenging to find and often a luxury to be bought in one of the grocery stores.

Bottom line is that the perception that it is cheaper to be vegetarian on STX is deceiving as both costs of staples other than fruits and vegetables is higher and the variety can be considered lacking.

Our monthly food bill averages $800.


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mtdoramike
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January 9, 2016 4:47 pm  

OT are you really arguing over a difference of .05? Both of you are correct.

1.35 as a percentage is 135%.

No, it is the math to find the cost of your groceries with a 35% increase. He never said it was a percentage, rather the math to find the price in the VI.

For food items, multiply your current expenses by about 1.35, and that would be approximately what you'd spend in VI.

For example, a $1.00 item x 1.35 = $1.35 in the VI, which is a 35% increase in cost, 5% difference from your quote, which is negligible. It's math.

OK, now you all are giving me a headache!

mike


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stjohnjulie
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January 10, 2016 8:47 am  

I eat pescetarian, but it usually ends up being vegetarian because seafood is pretty expensive. I still spend a lot of money on food because I really like fresh veggies and they can be expensive (especially on STJ). I got all excited because I saw nice brussel sprouts at the market yesterday for $3.99lb..... and I only got charged $3.99 for the bag I filled up. Came home with them in hand and was overjoyed to show the hubby like I had found a bag of gold on the ground or something. :@)


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Gator's Mom
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January 10, 2016 9:49 am  

Though I don't know the methodology used to calculate, this little internet tool allows you to compare cost of living with where you live and where you want to live.

BTW - St. Croix is 21% more than Orlando.

https://www.expatistan.com/cost-of-living


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mtdoramike
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January 10, 2016 3:07 pm  

Please don't let them scare you off, yes the food prices are probably 30% higher on the Islands, but I'll bet you that unless you are currently living way out in the country now, you will spend less money on food on the Islands. The reason is, in the states, you have the conveniences of a store right around the corner or down the road. That isn't the case on the Islands. It's a real pain to go to the store, because it's usually a drive on windy roads, traffic, and then the stores are crowded most of the time. My wife's family goes shopping like once every two weeks and if they run out of something, they do without until they go shopping again.

mike


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East Ender
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January 10, 2016 3:28 pm  

joC: To answer your question on eggs...I just bought a dozen brown eggs, grade A, large for $4.49. And gasoline is about $2.99/gallon, but seems to be coming down a bit. Everyone gave you the electricity price, but it is probably difficult to translate that from your current cost and use.

(Please don't let the bickering get to you.)


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STTsailor
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January 10, 2016 4:58 pm  

I also noticed that I am eating much less in the tropics. Usually large breakfast followed by a fruit for lunch and light early dinner 5-6 pm. I lost 10 lbs since my move.


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mtdoramike
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January 10, 2016 9:01 pm  

I also noticed that I am eating much less in the tropics. Usually large breakfast followed by a fruit for lunch and light early dinner 5-6 pm. I lost 10 lbs since my move.

Like i said;)


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Chicagoan
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January 11, 2016 12:58 am  

To what extent are food prices cheaper if you shop in open air markets and so on, the way I would get food in Guyana or Jamaica?

I realize the grocer prices are substantially higher than the mainland, but surely the native islanders, of whom many are below the poverty line, have slightly different purchasing habits?


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East Ender
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January 11, 2016 1:15 am  

We are a lot different than those places. Agriculture is not as big. Most residents, rich or poor, shop at the same stores. 🙂


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Finatic
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January 11, 2016 1:32 am  

To what extent are food prices cheaper if you shop in open air markets and so on, the way I would get food in Guyana or Jamaica?

I realize the grocer prices are substantially higher than the mainland, but surely the native islanders, of whom many are below the poverty line, have slightly different purchasing habits?

Farmers' Markets are small. Prices vary but wouldn't say in general cheaper. Most food is shipped in from the states and sold in grocery stores and bought by all. This includes meat and dairy and vegetables.


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Alana33
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January 11, 2016 1:43 am  

There's a monthly, last Sunday of month farmers market out at Bordeaux. I think Yacht Haven Grande has a vendors market on weekends where local produce can be purchased. Other things as well.

There's a farmer couple on the hillside above my location that sells at YHG and directly from their farm.

Don't know what's up with market square location for local produce these days.


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STTsailor
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January 11, 2016 11:28 am  

Farmers markets are more expensive than grocery stores. Quality is better but price is higher.
How do locals do it?
From my observation a lot of locals are on one or another form of government assistance. Even these that are employed get gov benefits. Cash economy supplements official income too.


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speee1dy
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January 11, 2016 11:34 am  

i have also noticed roadside sellers offering store bought items for sale. just be careful when you buy tomatoes from roadside sellers.


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