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There is a fundamental rationality to insurance that is not present with the lottery if you accept the marginal utility of money to an individual. Your top doll
by sopooneo 12y ago
There is a fundamental rationality to insurance that is not present with the lottery if you accept the marginal utility of money to an individual. Your top dollar is worth less to your than your bottom one. So it is worth sacrificing the first to safeguard the second.