Date: Fri, 29 Sep 2000 07:08:28 -0400
Reply-To: "Mitchell, Brian [EESUS]" <BMitche3@EESUS.JNJ.COM>
Sender: "SAS(r) Discussion" <SAS-L@LISTSERV.UGA.EDU>
From: "Mitchell, Brian [EESUS]" <BMitche3@EESUS.JNJ.COM>
Subject: Re: In Celebration of a milestone!!!
Actually there's a very good reason for non-rich people to play high stakes
lotteries even though "on average" they will lose. In economic terms, it
has to do with a non-linear utility function so that they are willing to
a small portion of their current income, an amount that has little effect on
their standard of living, for a miniscule chance of being catapulted to
They may be poor but they're not stupid!
> -----Original Message-----
> From: David L. Cassell [SMTP:Cassell.David@EPAMAIL.EPA.GOV]
> Sent: Thursday, September 28, 2000 11:51 AM
> To: SAS-L@LISTSERV.UGA.EDU
> Subject: Re: In Celebration of a milestone!!!
> Jules Bosch wrote [in reply to Mark Dehaan]:
> > Ah, yes, the statistical aspect of lotteries.
> > I think rule #1 is that Lotteries are primarily for people who flunked
> > statistics.
> I prefer:
> Lottery, n., a tax on the math-impaired.
> David Cassell, OAO Corp. Cassell.David@epa.gov
> Senior computing specialist
> mathematical statistician