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Buuuut...people who play the lottery generally aren't even good at probability, you can't expect them to be making smart social decisions.
by ta17711771 6y ago
Buuuut...people who play the lottery generally aren't even good at probability, you can't expect them to be making smart social decisions.
- smabie 6y agoIt's pretty common to encounter a lottery that has a positive expected value.
- LudwigNagasena 6y agoEven if a lottery has a negative monetary EV it may have a positive utility EV.
- ghaff 6y agoIt's basically a transparency thing. Otherwise (well, probably in any case), you'll have people saying the lottery was rigged and the money went to relatives of the the officials running the lottery or something along those lines. [Oops: That was meant to be a reply to why state lottery recipients sometimes have to be public.]
- dylan604 6y agoYou're confusing the lottery with the McDonald's Monopoly game
- driverdan 6y agoNo, it isn't. You have to include the probability of sharing the prize with someone else which always reduces the expected payout to negative.