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If I'm about to be evicted or declare bankruptcy, does having $1 really change anything? Meanwhile, does having a small chance of staying in my house change any
by HWR_14 5y ago
If I'm about to be evicted or declare bankruptcy, does having $1 really change anything? Meanwhile, does having a small chance of staying in my house change anything?
It's easy to say "well, lotteries have a negative expected payoff". And that's true, but it can still have a less negative payoff than a payday loan or having your car repossessed.
- IanCal 5y agoThis is a good example of why utility curves are not, well, lines. The utility of $2*X is not exactly twice $X. It can be more or less, and that can differ between different people.