Eliezer_Yudkowsky comments on Burch's Law - Less Wrong

31 Post author: Eliezer_Yudkowsky 08 March 2007 02:39AM

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Comment author: Eliezer_Yudkowsky 08 March 2007 07:08:59PM 8 points [-]

Then hedge funds would buy tickets. Huge jackpots attract more buyers and have more than one expected winner. And, the advertised sum is not the lump sum, but the result of purchasing annuities - the lump sum is around half that. And, taxes. It's pretty darn hard to get an expected positive payoff even if you neglect the logarithmic utility of money - otherwise, as said, hedge funds would buy tickets.

Not that I think the sale of innumeracy should be banned. The history of the "numbers racket" shows that the demand for innumeracy is so strong that people will buy it on the black market if necessary.