Lottery sucks

When behavioral economics meets a $700M Powerball jackpot 

Business Insider went out onto the streets of NYC and tried to buy people’s just-purchased Powerball tickets ahead of the $700 million drawing. They did not get many takers, even when offering twice the price they paid (which meant they could just go and buy double the number of tickets and slash their odds of winning). The video says this is an example of regret avoidance. A theory of investor behavior that attempts to explain why investors refuse to admit to themselves that they’ve made a poor investment decision so they don’t have to face the unpleasant feelings associated with that decision. ….[READ]