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My father has always taught me, since I was young, that the state lottery is simply a tax on people who have never been taught probability or statistics. He use
by SEJeff 11y ago
My father has always taught me, since I was young, that the state lottery is simply a tax on people who have never been taught probability or statistics. He used that as a lesson when he was teaching me about probability and compound interest :)
Obviously if you win, you win big, but overall, I tend to strongly agree with him. It is a tax on those who don't think about probability, except for the people who gamed the system and won: https://slice.mit.edu/2012/08/14/winning-the-lottery/ https://slice.mit.edu/2012/08/14/winning-the-lottery/
Gaming it is pure genius.
- murbard2 11y agoThe article precisely argues that this viewpoint is wrong and damaging. The problem isn't the fact that lotteries are "irrational", the problem is that the state monopoly works de facto as an excise tax on a product which is extremely popular with the poor.
- daodedickinson 11y agoThe article's been badly labeled.