I'll put this here because I wish to provide a different perspective without getting bogged down in probabilistic thinking. To say buying a lottery ticket is irrational might be correct if you consider winning the lottery or not to be the only real outcome of such a purchase. The fact is, however, that buying a lottery ticket provides entertainment. You pay a relatively small sum of money to play, until results day, with the fantasy of receiving an enormous amount of money. Entertainment is utility, as far as I'm concerned. Obviously the more money you sp... (read more)
I'll put this here because I wish to provide a different perspective without getting bogged down in probabilistic thinking. To say buying a lottery ticket is irrational might be correct if you consider winning the lottery or not to be the only real outcome of such a purchase. The fact is, however, that buying a lottery ticket provides entertainment. You pay a relatively small sum of money to play, until results day, with the fantasy of receiving an enormous amount of money. Entertainment is utility, as far as I'm concerned. Obviously the more money you sp... (read more)