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gjm comments on Rationality Quotes Thread March 2015 - Less Wrong
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Is being anti-lottery some kind of badge of honor amongst intelligent people? It is entertainment, not investment. It is spending money to buy a feeling excited expectance. It is like buying a movie ticket. Does anyone consider buying a ticket to scary horror movie irrational? Some people just like that kind of excitement. People who buy lottery tickets just like different kinds of excitement, dream, fantasy.
As for the argument that it is a mis-investment of emotions that is also false, people can decide to work forward the goal then what happens is a lot of grinding, they can still dream about something else, it is not like you cannot dream while you grind. Realistic goals do not need a lot of dream investment but rather time and effort and it is safe to invest dreams in unrealistic ones.
When I have read Eliezer's mis-investment of emotions argument it came accross to me an elitistic Bay Area upper middle class thing. People in slums usually need to grind until they get a better schooling and job experience to escape it, this takes time investment not dream investment, and this leaves them free to dream about one day being a prince.
I was careful to specify that your hypothetical friend enjoins you to buy lottery tickets on the grounds that it is good for you financially. I agree that if you get great enjoyment from the thought that you might win the lottery, buying lottery tickets may be worth it for you.
(But two caveats on that last point. Firstly, if you enjoy daydreaming about getting rich then you can equally daydream about unexpected legacies, spectacular success of companies in your pension/investment portfolio if you have one, eccentric billionaire arbitrarily giving you a pile of money, etc. Of course these are improbable, but so is winning much in the lottery. Secondly, "dream investment" may lead you astray by, e.g., making all the most mentally salient paths to success the terribly improbable ones involving lotteries rather than the more-probable ones involving lots of hard work, and demotivating the hard work. Whether it actually has that effect is a question for the psychologists; I don't know whether it's one that's been answered.)
Good point; I'm retracting my comment elsethread.
I'm guessing the hard part is figuring out which way the causation goes -- maybe not having mentally salient paths to success involving lots of hard work makes people more likely to buy lottery tickets, rather than or as well as vice versa.