> Yet few people consider the purchase of insurance to be intrinsically irrational by the same argument. I don't really know to many people who think this? S

> Yet few people consider the purchase of insurance to be intrinsically irrational by the same argument. I don't really know to many people who think this? Skipping some small attempts at loopholes for insurance ($300,000 of medical might return infinite benefit to oneself), yes it's stupid. Most intelligent people know this. Your argument goes all the way, want to spend 'all' your money on gambling (or insurance), more power to them? People can do as they wish, but I'm not big on perpetuating bad memes. The opposing argument is pretty simple, by not creating a false happiness through gambling people might create real happiness. By not waiting on that big win, people might work towards their happiness. IE save for that big trip and get something of long term value imagination could never give.