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Your premise is flawed as you are assuming only rational actors are playing the lottery. By definition those playing the lottery are usually not rational actors
by mesozoic 11y ago
Your premise is flawed as you are assuming only rational actors are playing the lottery. By definition those playing the lottery are usually not rational actors and thus cannot fall into the framework you propose.
- ganeumann 11y agoI don't assume that, just as I don't assume it with the stock market. The problem does not really lie with the actual unfairness of the game, it lies with the perception of unfairness. The stock market is always entirely unfair to retail investors, in comparison to professionals, for several reasons. But in times that retail investors view the market as unfair, the market suffers.