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You can witness people buying lotery scratch cards every day in the UK and wonder why people are so dumb given the odds of actually winning a big prize. But th
by dazc 4y ago
You can witness people buying lotery scratch cards every day in the UK and wonder why people are so dumb given the odds of actually winning a big prize.
But then bear in mind that this person maybe has a big bill to pay and only £5 to their name, do they keep the £5 knowing that it isn't going make any difference or take a wild chance that will?
- Mezzie 4y agoI buy scratchy lottos sometimes (the cheap 1-2 dollar ones) because I find the act of scratching them to be tactilely pleasing. $1-2 for a couple minutes of fun and the possibility of winning enough to get myself some candy for 'free' is nice.
- JasonFruit 4y agoI once was down to my last dollar, and I bought my one and only lottery ticket ever. What could it hurt? I couldn't do anything to help myself with one dollar. I lost.
- tester756 4y agoI call it a small price for a dream / what if mood
- dazc 4y agoIndeed, I have an ongoing subscription with zero expectation of winning but I do sometimes enjoy thinking 'what if'. Considering how much money I throw away on streaming subscriptions I barely use, books I never get beyond the first chapter of, food I buy that ends up in the trash, etc, it represents quite good value for money.
- tpmx 4y agoThese two situations (the linked one and the one you're describing) aren't really comparable in terms of probabilities.
- dazc 4y agoYes, of course, but I'm mentioning an every day scenario as opposed to a hypothosis.
- paganel 4y agoThose 5 pounds also give you the opportunity to just dream a little once in a while, as in “what would I do with all the money if I really win?”, it’s like a drug, takes you out of your not-ok (from a financial perspective) life.
- aloisklink 4y agoIf you think about it, isn't buying insurance pretty similar (especially if you pay extra for really rare insurance policies, like lightning strike insurance). You're essentially making a bet with your insurance company that xxxx will happen. Just like with the lottery, the expected monetary value of insurance is always negative (it has to be, otherwise the insurance company won't make money), but the utility value of that insurance is different for each person. E.g. for me, insurance on a phone doesn't make sense, since I easily buy a another cheap phone if mine breaks. But for somebody with less money, those few hundred dollars might have a much higher utility.