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20/09/2012

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twitter.com/AJCann

"losing £20 has more significance than finding £20"
So how do you explain the National Lottery?

mweller

They cover this in prospect theory - the investment is low against a possible (over-estimated) large outcome and it is phrased as possible win. If you rephrase lotteries as about losing then fewer people partake in them.

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