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John Quiggin's avatar

This is really interesting and lots to respond to. But I'll start right at the top. Unless you adhere to a very stringent definition of rationality (maximizing EV or EU) there's nothing irrational about playing the lottery. It just says you like long-odds bets with extreme positive outcomes. Here's my analysis

On the Optimal Design of Lotteries, https://www.jstor.org/stable/2554972

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