Comment on The student who discovered water on Mars says it was a 'lucky accident'parentComments−bcruddy10yThe lottery still exists because there are a lot of people who are bad at statistics.−drdeca10yI'm not sure that that is why.Just because someone realizes that the expected value of their purchase is negative to being almost the same as the cost, doesn't mean that they can't make the purchase.Whether it makes sense depends on their utility function.
Comments
The lottery still exists because there are a lot of people who are bad at statistics.
I'm not sure that that is why.
Just because someone realizes that the expected value of their purchase is negative to being almost the same as the cost, doesn't mean that they can't make the purchase.
Whether it makes sense depends on their utility function.