Expected value is useless when applied to the lottery

lottery L*iff the expected value of L according to f is at least as large as the expected value of L* according to f I will call f a “vNM

Expected value is useless when applied to the lottery So, if you spend each week on lottery tickets, the amount of money you can expect to win or lose over a 10-week period is the expected value for

lottery L*iff the expected value of L according to f is at least as large as the expected value of L* according to f I will call f a “vNM

lottery result 5 11 23 Winning the Lottery, An Expected Value Mystery In 2005, while researching the expected value for lottery tickets in various states, a group of MIT students won

Crunch these numbers and that lotto ticket has an expected value of about –$ You would get more value out of those two bucks if you traded

lottery all states Almost always, the expected value does not cover the ticket price; it is an unfair game The rare occurrence of a fair lottery wager with

Mathematical expectation is essentially what you get when you multiply the probability of a particular outcome by the value of that outcome If