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RobinZ comments on Advancing Certainty - Less Wrong
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Very clever! You're right; that is a situation where you might as well play the lottery.
This actually comes up in business, in terms of the types of investments that businesses make when they have a good chance of going bankrupt. They may not play the lottery, but they're likely to make riskier moves since they have very little to lose and a lot to gain.
It also applies if you believe your company will be bailed out by the government. I don't tend to approve of bank bailouts for this reason. (Although government guarantees for deposits I place in a different category.)