83 LIFE. | What to Do if You Win the Lottery, Is It Just a Scam?
Alfalfa Podcast
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Don't Value the Utility of the Lottery Tickets
Steven Armand: People who say they don't understand statistic and math are not valuing the utility properly. He says if you value it purely in the form of like the dollars you win, that ticket has an expectation of negative 40 cents. But there's also a non-financial way to look at lottery tickets which is quasi financial. Armand: As jackpot gets bigger, even though the jackpot got bigger, the EV turns negative. There's a 29% that two or more people win and split the jackpot.
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