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Gordon_Worley comments on New Improved Lottery - Less Wrong

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

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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.