2 ms·
Interesting, but it shouldn't change people's behavior that the expected value is positive. If you buy lottery tickets just for fun, then you will still buy it
by ErikVandeWater 11y ago
Interesting, but it shouldn't change people's behavior that the expected value is positive. If you buy lottery tickets just for fun, then you will still buy it, but if you are considering buying it for the utility it will generate it still has a negative expected utility (because any amount of money over say - 10 million Euro - has incredibly small impact on your happiness, whereas those 2 pounds you spent on the ticket have a much greater effect on your utility).