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From: henry@utzoo.UUCP (Henry Spencer)
Newsgroups: can.politics
Subject: Re: Lotteries
Message-ID: <5784@utzoo.UUCP>
Date: Fri, 12-Jul-85 12:32:39 EDT
Article-I.D.: utzoo.5784
Posted: Fri Jul 12 12:32:39 1985
Date-Received: Fri, 12-Jul-85 12:32:39 EDT
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Organization: U of Toronto Zoology
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It is worth remembering that probability-based arguments indicating that
lottery tickets are a losing proposition have a serious flaw:  the
sample set is not large enough to be a statistical universe.  If I buy
one $10 ticket for a lottery that has a $1M grand prize and nothing else,
and spends 1/2 of its take on the prize, my expected return is *not*
$5.  It is "zero or $1M".  Speaking of an average expected return is not
meaningful for a single ticket.  This is what makes lotteries interesting...
-- 
				Henry Spencer @ U of Toronto Zoology
				{allegra,ihnp4,linus,decvax}!utzoo!henry