Lottery Tickets: Evidence of Widespread Irrational Behavior
Gambling: : Evidence of Widespread Irrational Behavior
Close to 50% of discussions I heard before noon on the night of a $600M+ lottery draw morning in San Francisco involved the lottery.
This leads to several potential reasons why people buy:
- Many people are bad at math (statistics, is a subset of mathematics)
- Many people rationalize poor decisions to seek a temporary high (ie. Impulsive, short-term minded behavior)
- Many people place far more weight on the upside rather than downside of a situation
