That’s the thing that naïve expected value arguments miss - sometimes even though in the long run you’re better off not buying lotto tickets or insurance, we d

That’s the thing that naïve expected value arguments miss - sometimes even though in the long run you’re better off not buying lotto tickets or insurance, we don’t live in the long run and often it’s worth sacrificing a bit of expected value to hedge against a potentially devastating loss, or create the tiny possibility of a life-altering windfall.