It's an uncommon viewpoint, but one could, perhaps, justify the purchasing of lottery tickets as a "donation to charity" of sorts; the money goes to support the activities of the government that runs the lottery, which is (hopefully) going to use that money for good purposes. As a financial investment, though, lottery tickets are generally a bust; I suspect you'd do better playing slot machines at a Las Vegas casino. (There's the complication of rollover jackpots, but they don't have to matter here.)
Speaking of "wealth without effort"... I seem to find myself in the situation of having a strong aversion to the idea of working for a living, and although my current occupation of "mooching off my parents" satisfies my immediate needs, it is not a viable long-term career choice. This leaves me with two basic options.
1) Figure out a feasible strategy that will enable me to avoid needing to work for a living and is not less desirable than working for a living. (Going to graduate school counts as working for a living.) "Win the lottery" is an example of a strategy that fails the feasibility test; "become a prison inmate" would be an example that fails the desirability test. (I am as yet undecided about both the feasibility and desirability of marrying for money.)
2) Figure out a way to want to work for a living. "Become very afraid of the consequences of not working for a living" is one way I've considered accomplishing this, but deliberately inducing a fear of not working that's stronger than my current aversion to work would be, well, unpleasant, scary, and would require experiencing something that actually is worse than working. As I currently regard working for a living as only marginally better than the proverbial fate worse than death, it would take an awful lot to scare me into working.
Any advice? Bear in mind that I am, in fact, a lazy bum with time-inconsistent preferences and little willpower who once deliberately skipped an exam in college to play video games - and doesn't regret it.
Necroing because that seems an often expressed sentiment I oppose strongly to:
May it be to poor education at a younger age, traumatic experiences, simply having the wrong education for the current playfield, being sacked at an older age, having no available finances to support further education, a lack of intelligence or simply spiraling down the road of depression due to a lack of chances or being stuck in a debt one can never recover of in a lifetime... these are all scenario's in which the player on the Lotto actually rationally pays for the soothing
The classic criticism of the lottery is that the people who play are the ones who can least afford to lose; that the lottery is a sink of money, draining wealth from those who most need it. Some lottery advocates, and even some commentors on Overcoming Bias, have tried to defend lottery-ticket buying as a rational purchase of fantasy—paying a dollar for a day’s worth of pleasant anticipation, imagining yourself as a millionaire.
But consider exactly what this implies. It would mean that you’re occupying your valuable brain with a fantasy whose real probability is nearly zero—a tiny line of likelihood which you, yourself, can do nothing to realize. The lottery balls will decide your future. The fantasy is of wealth that arrives without effort—without conscientiousness, learning, charisma, or even patience.1
Which makes the lottery another kind of sink: a sink of emotional energy. It encourages people to invest their dreams, their hopes for a better future, into an infinitesimal probability. If not for the lottery, maybe they would fantasize about going to technical school, or opening their own business, or getting a promotion at work—things they might be able to actually do, hopes that would make them want to become stronger. Their dreaming brains might, in the 20th visualization of the pleasant fantasy, notice a way to really do it. Isn’t that what dreams and brains are for? But how can such reality-limited fare compete with the artificially sweetened prospect of instant wealth—not after herding a dot-com startup through to IPO, but on Tuesday?
Seriously, why can’t we just say that buying lottery tickets is stupid? Human beings are stupid, from time to time—it shouldn’t be so surprising a hypothesis.
Unsurprisingly, the human brain doesn’t do 64-bit floating-point arithmetic, and it can’t devalue the emotional force of a pleasant anticipation by a factor of 0.00000001 without dropping the line of reasoning entirely. Unsurprisingly, many people don’t realize that a numerical calculation of expected utility ought to override or replace their imprecise financial instincts, and instead treat the calculation as merely one argument to be balanced against their pleasant anticipations—an emotionally weak argument, since it’s made up of mere squiggles on paper, instead of visions of fabulous wealth.
This seems sufficient to explain the popularity of lotteries. Why do so many arguers feel impelled to defend this classic form of self-destruction?2
The process of overcoming bias requires (1) first noticing the bias, (2) analyzing the bias in detail, (3) deciding that the bias is bad, (4) figuring out a workaround, and then (5) implementing it. It’s unfortunate how many people get through steps 1 and 2 and then bog down in step 3, which by rights should be the easiest of the five. Biases are lemons, not lemonade, and we shouldn’t try to make lemonade out of them—just burn those lemons down.
1See Po Bronson, “How Not to Talk to Your Kids,” New York, 2007, http://nymag.com/news/features/27840.
2See “Debiasing as Non-Self-Destruction.” http://lesswrong.com/lw/hf/debiasing_as_nonselfdestruction.