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Who gets excited about negative expected value? Now, suppose the expected value of a $1 lottery ticket was about $0.97 so people could be indifferent between z
by benlivengood 2y ago
Who gets excited about negative expected value? Now, suppose the expected value of a $1 lottery ticket was about $0.97 so people could be indifferent between zero-interest savings accounts and lottery tickets, and maybe I could see that being exciting.
But clearly the gambling industries are predicated on quite a lot of volume going to negative expected value purchases which sounds depressing rather than exciting.