Less Wrong is a community blog devoted to refining the art of human rationality. Please visit our About page for more information.

Gordon_Worley comments on New Improved Lottery - Less Wrong

41 Post author: Eliezer_Yudkowsky 13 April 2007 11:42PM

You are viewing a comment permalink. View the original post to see all comments and the full post content.

Comments (34)

Sort By: Old

You are viewing a single comment's thread.

Comment author: Gordon_Worley 14 April 2007 12:05:38PM 5 points [-]

zzz, I think you underestimate how people perceive gambles. Investing in financial markets isn't perceived as a bet, since we like to believe that if you only knew enough, you could make the right choices (whether you actually can or not is another matter). With lotteries and other forms of gambling, it doesn't matter how much you know, you can't anticipate the outcome any better than if you had no additional information. That, I think, is part of why gambling is much more popular than investment: even the least skilled person has the same chance of winning as the most.