Catch up on stories from the past week (and beyond) at the Slashdot story archive

 



Forgot your password?
typodupeerror
What's the story with these ads on Slashdot? Check out our new blog post to find out. ×

Comment Re:Christmas Vacation (Score 2, Insightful) 406

The expected rewards and the cost are the utility value of the money, which does not necessarily scale linearly with the dollar amount of the money. To give an extreme example, if I need $1000 today, and otherwise will die a horrible death, but only have $100, and my only opportunity to make money is to play a game which pays $1000 on a $100 bet 1/20th of the time, it would be entirely rational for me to play. In that case, the utility value of $1000 is much more than ten times the utility value of $100.

Lottery playing is not necessarily irrational even if most people who play the lottery are acting irrationally. While many parts of our society treat the utility/dollar curve as linear for the sake of simplicity, that isn't inherently true.

"Bond reflected that good Americans were fine people and that most of them seemed to come from Texas." - Ian Fleming, "Casino Royale"

Working...