4 ms·

For some, E[winnings] + entertainment value > cost even if E[winnings] < cost

• mikeash 8y ago
  That’s definitely true, but I wonder what the ratio is between people like that and people who don’t have a good grasp of the odds.
  • gotocake 8y ago
    I’m always amazed and appalled at just how bad most people I’ve met are with basic probabilities. Now that’s just my anecdote, but I think your ratio would strongly favor the casinos, which I guess explains why the casinos exist and thrive in the first place.
• skh 8y ago
  The only problem with your inequality is that for many “entertainment value” really means “addictive pull”.
  • anoncoward111 8y ago
    Additionally, most people's budgets are not robust enough where entertainment costs can even be factored in, especially those who are most vulnerable to gambling. The bulk of my budget goes to rent, car, and food :(
• abetusk 8y ago
  Uh, except for some the equation is really E[winnings] + (entertainment value) + (compulsion) > cost even if E[winnings] + (entertainment value) < cost
  • arcticbull 8y ago
    That's true of anything though.