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by itsadok
4667 days ago
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The main value one receives from buying a lottery ticket is not the statistical expected value of return on investment, but the sense of hope for a better life that you get when you but the ticket. This hope is much more valuable for someone struggling with poverty than for someone who's relatively well off.
Therefore, it's perfectly rational for poor people to put a higher dollar value on a lottery ticket. |
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Most gamblers don't weigh the EV on each bet. Most are just riding the high, or hoping to hit 21...
There's a reason Vegas has all those fancy hotels, and it's not because gamblers are mastering EV.