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The funny thing about expected value. Even if the expected value of a one dollar lottery ticket was ten dollars, it still wouldn’t be worth playing.
by mrfusion 9y ago
The funny thing about expected value. Even if the expected value of a one dollar lottery ticket was ten dollars, it still wouldn’t be worth playing.
- jodrellblank 9y agoPeople always say lottery tickets have low expected return and aren't worth buying, and then use that to conclude that people are stupid. Instead of concluding that people do buy lottery tickets, so their model doesn't accurately model "value".