I voted you back up, because it’s a really interesting point. I take it you’re saying that they get enjoyment out holding the ticket between the buying and the drawing.
Thank you. Actually, my point was this: there is value to a gamble that isn’t measured by the expected value. The expected value argues that playing the lottery isn’t going to make them rich. But keeping the dollar isn’t going to make them rich either. At least spending their dollar playing the lottery gives them the chance of being rich.
When I made this argument I was actually thinking of impossible gambles that are made on the scale of evolution, say. For every million that make a gamble and fail, (for example, to escape an island), eventually one wins and validates the gambles of all (survives the journey and populates the continent).
I was reluctant to provide this example because I definitely don’t want to imply that it’s an evolutionary advantage or a justified sacrifice for the good of the group. (yuck) Perhaps an analogy from economics will balance -- you can demand more for an opportunity that can’t be purchased any other way.
There is at least one parallel in evolution. Many bacteria have heat shock proteins that inhibit DNA proofreading. That means that they respond to stress by increasing their mutation rate. It will probably kill them, but if the entire colony does it, it’s more likely to survive.
It’s not quite the same. If you count the payoff to the bacteria to include the lives of all its descendants, then it may still be “rational”.
But maybe it is the same. Presumably, we instinctively act in a way that counts the utility of all our descendants in our utility functions.
I voted you back up, because it’s a really interesting point. I take it you’re saying that they get enjoyment out holding the ticket between the buying and the drawing.
Thank you. Actually, my point was this: there is value to a gamble that isn’t measured by the expected value. The expected value argues that playing the lottery isn’t going to make them rich. But keeping the dollar isn’t going to make them rich either. At least spending their dollar playing the lottery gives them the chance of being rich.
When I made this argument I was actually thinking of impossible gambles that are made on the scale of evolution, say. For every million that make a gamble and fail, (for example, to escape an island), eventually one wins and validates the gambles of all (survives the journey and populates the continent).
I was reluctant to provide this example because I definitely don’t want to imply that it’s an evolutionary advantage or a justified sacrifice for the good of the group. (yuck) Perhaps an analogy from economics will balance -- you can demand more for an opportunity that can’t be purchased any other way.
There is at least one parallel in evolution. Many bacteria have heat shock proteins that inhibit DNA proofreading. That means that they respond to stress by increasing their mutation rate. It will probably kill them, but if the entire colony does it, it’s more likely to survive.
It’s not quite the same. If you count the payoff to the bacteria to include the lives of all its descendants, then it may still be “rational”.
But maybe it is the same. Presumably, we instinctively act in a way that counts the utility of all our descendants in our utility functions.