Comments on: Now That’s Just Mean

By: Krupo

Krupo — Tue, 22 Apr 2008 10:04:18 +0000

If the odds are something like one in 50 million and the jackpot is over 50 million, it’s completely rational to wager a buck, really – you’re expected outcome is to get your buck back, plus change representing the ‘surplus’. I once redeemed some loyalty club points for a lottery ticket and won like 10 bucks. Had I spent money, I would’ve had an expected outcome of 10 bucks in winnings given the pot size – ironically the math was ‘proven’ for real that day.

Hilarious ‘easter egg’ though. :)

By: Scott R. Krol

Scott R. Krol — Fri, 28 Mar 2008 21:57:05 +0000

The secret to winning the lottery is you first have to live in a trailer. From what I’ve seen of lottery winners, that increases your chances a hundredfold or more.

By: Vic Davis

Vic Davis — Fri, 28 Mar 2008 17:09:28 +0000

That little bit of thrill has to have some “utility” or value. If a buck buys me five minutes of dreaming about buying the island next to Branson is that any less an entertainment purchase than say playing a computer strategy game or watching an Uwe Boll movie :)

By: Andrew

Andrew — Fri, 28 Mar 2008 16:43:35 +0000

A friend of mine used to buy a lottery ticket every week to remind himself that he wasn’t as smart as he thought he was, because he’d get a little bit of a thrill that maybe he would win, even though his chances of winning were effectively zero.

I thought Cliffski’s social commentary was amusing, but it should have been a little more explicit. If the player’s don’t realize that it is actually hopeless, then it seems more like a cruel prank.

By: Vic Davis

Vic Davis — Fri, 28 Mar 2008 14:00:07 +0000

For me the one dollar ticket is a very rational decision and a huge value. I can’t do the math to back that wild assertion up but before you buy the ticket your chances of winning are zero. After you buy that single ticket the jump from zero to that small fractional chance of winning is probably the best value jump you will get. In other words you can’t win if you are not in the game. Buying more than one is a foolish indulgence (of which I am often guilty).