wtf is -EV about ddrOriginally Posted by salsa4ever
I don't need the lottery to give me something to dream about, 'cos I have plenty of material for daydreaming.
But while I don't participate, I wouldn't think of someone as stupid if they played. I mean, going to the movies is -EV, and playing Dance Revolution is majorly -EV... as long as the utility you derive is greater than the EV expended, then you're not being stupid. You are in fact being very rational. Simply that lottery tickets "cost" you less than the purchase price, whereas a movie ticket costs it's price.
Heck, I think scratch tickets are fun. If I walk past a newsagent and decide to purchase one for $2 then it only actually "costs" me $1, and I get more happyness out of that $1 as I could with an alternate expenditure of $1 (like buying an unhealthy candy bar and consuming it), I don't see a problem.
In response to TJ, if a person does not derive more pleasure from participating in lottery than the -EV cost, then they are acting irrationally. Which is a nice way of saying "stupid". If they choose to be stupid with their money, more power to them. They certainly don't get my sympathies
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