Vladimir, it doesn't matter that a lottery ticket costs only 1 cent. Doesn't matter at all. It only matters that you don't expect to win by buying it.
Or maybe you do expect to win from a deal by investing 1 cent, or $10000, in which case by all means do so.
If I were to choose between throwing one cent away and buying a lottery ticket on it, I'd buy the ticket. (I don't consider here additional expenses such as the calories I need to spend on contracting my muscles to reach the ticket stand etc. I assume that both acts -- throwing away and buying the ticket -- have zero additional costs, and the lottery has a non-zero chance of winning.)
Reply to: Practical Advice Backed By Deep Theories
Inspired by what looks like a very damaging reticence to embrace and share brain hacks that might only work for some of us, but are not backed by Deep Theories. In support of tinkering with brain hacks and self experimentation where deep science and large trials are not available.
Eliezer has suggested that, before he will try a new anti-akraisia brain hack:
This doesn't look to me like an expected utility calculation, and I think it should. It looks like an attempt to justify why he can't be expected to win yet. It just may be deeply wrongheaded.
I submit that we don't "need" (emphasis in original) this stuff, it'd just be super cool if we could get it. We don't need to know that the next brain hack we try will work, and we don't need to know that it's general enough that it'll work for anyone who tries it; we just need the expected utility of a trial to be higher than that of the other things we could be spending that time on.
So… this isn't other-optimizing, it's a discussion of how to make decisions under uncertainty. What do all of us need to make a rational decision about which brain hacks to try?
(can these books be judged by their covers? how does this chance vary with the type of exposure? what would you need to do to understand enough about a hack that would work to increase its chance of seeming deeply compelling on first exposure?)
… and, what don't we need?
How should we decide how much time to spend gathering data and generating estimates on matters such as this? How much is Eliezer setting himself up to lose, and how much am I missing the point?