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Expected Value is Expected Value, though. Even if you can't buy every ticket, there is well-established math about how to optimize profit from a venture with k
by ianferrel 2y ago
Expected Value is Expected Value, though.
Even if you can't buy every ticket, there is well-established math about how to optimize profit from a venture with known risk and reward, and the math does not require you to exhaust the statistical universe.
- gosub100 2y agoThere is clearly a limit on practicality though. Unless you are suggesting someone should sell their 401k and buy Powerball tickets any time the jackpot exceeds the odds of winning simply because it has positive EV?