jimrandomh comments on On dollars, utility, and crack cocaine - Less Wrong

13 Post author: PhilGoetz 04 April 2009 12:00AM

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Comment author: timtyler 04 April 2009 05:41:24AM 5 points [-]

A good reason for not playing the lottery is that you can get better odds by playing roulette, or using other forms of gambling. I am unimpressed by arguing against gambling in general because it's average dollar payoff is negative. That argument is ridiculous.

The discussion about lotteries that I presume lead to this thread was correct, though. It didn't talk about expected winnings, it talked about utility. There are cases where playing the lottery has a high utility - and if the utility is too low, then you shouldn't play.

Comment author: jimrandomh 04 April 2009 01:44:06PM 2 points [-]

I am unimpressed by arguing against gambling in general because it's average dollar payoff is negative. That argument is ridiculous.

Then the problem is with the argument, not the conclusion. A better argument against gambling is to observe what happens to gamblers, who generally end up broke.

Comment author: timtyler 04 April 2009 02:15:57PM 3 points [-]

That's habitual gamblers. Gambling is OK sometimes - for example, if it helps you to obtain your ferry fare home, thus saving you a long walk.