(January 8, 2015 at 12:25 pm)rasetsu Wrote:(January 8, 2015 at 12:12 pm)JesusHChrist Wrote: Playing the lottery is like burning money without the satisfaction of seeing the money burn.
I don't play the lottery but I have great fun fantasizing about what I would do with all that money if I won. Cheapest seat in the house.
I have made a fair amount of money gambling. Its not easy. A gambler who make money over the long run has to find and then evaluate lots and lots of bets. Most of the time the bets will yield a negative expectation so you pass on them. A few are found to have a positive expectation and these bets are booked. Then, even if you make good decisions, there are the swings. There is always a risk of ruin(which can be managed but not eliminated).
I know quite well how bad a typical lotto bet is. Still I play it because a $1 has very little utility to me. $150 million would give me a lot of utility. In terms of dollars the bet is horrible. In terms of utility....I'm not so sure.
