Imagine someone who is happy to play the lottery but would refuse to play an alternative version where the ticket merely confers a slight increase on a significant pre-existing probability of winning ‘life changing money’. (As I understand it, most/all lottery players would in fact refuse the ‘alternative’ gamble.)
This is likely because playing the lottery gives you “hope” of a life-changing event. It means that you KNOW there is a possible life-changing event available.
If you already have that knowledge, then paying for the lottery becomes just about the money; which isn’t worthwhile. If you don’t, paying for the lottery is buying that knowledge, and the knowledge has value to you.
This is likely because playing the lottery gives you “hope” of a life-changing event. It means that you KNOW there is a possible life-changing event available.
If you already have that knowledge, then paying for the lottery becomes just about the money; which isn’t worthwhile. If you don’t, paying for the lottery is buying that knowledge, and the knowledge has value to you.