Quote from: UmerIdrees on June 23, 2023, 07:28:47 PM

Quote from: Porfirii on June 23, 2023, 04:22:41 PM

The thesis would consist that, although the probability of winning classical lotteries is near zero (typically between 0.0000007% in the case of Euromillions and 0.000003% in the case of national lotteries), people is willing to pay an excessive overprice because they are buying the right to dream about the possibility of winning.

Participation in the lottery is extremely easy because they will charge you a very little amount for participation. And the prizes for the lottery are usually mouth watering and very big.

That is the main reason why we see a lot of participation in the lotteries although most of the participants know that winning is extremely unlikely in the lottery.

That is one way to look at it, it is correct that they charge you very little amounts. But what is the bang for your buck? You can participate with a relatively amount, but you have a zero chance to win essentially. So it is a double-edged sword, but it has this psychological effect that people do at least have the feeling they can dream of potential freedom, but in reality this is really what it is: a dream and not more than that. If you see how many people play the lottery and relative to that how many people really become a millionaire, then it begs the question whether participation is easy. It is easy for the individual, but it is hard for the collective as they literally send their money over to the state as a hidden tax so to say.