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It makes perfect sense to simply purchase 1 lottery ticket. Takes your chances from 45,379,619:0 to 45,379,619:1, for a negligible cost. Beyond that your time
by icc97 15y ago
It makes perfect sense to simply purchase 1 lottery ticket. Takes your chances from 45,379,619:0 to 45,379,619:1, for a negligible cost.
Beyond that your time is wasted, statistician or not.
- sopooneo 15y agoIf aside from entertainment value it makes sense to buy one ticket,then it makes sense to buy two. And three and four. But in fact aside from entertainment value it does not make sense to buy one, because that change from 45,379,619:0 to 45,379,619:1 on a windfall is accompanied by a change from 1:1 to 0:1 chance on keeping your original dollar. And in the vast bulk of lottery scenarios, it all multiplies out to a negative expected return.
- icc97 14y agoIts increasingly lower returns for each dollar, thus I don't see the point of anything above the minimum. The expected return may be negative (further hence the minimum investment) but its negligible.