Posts Tagged ‘probability neglect’

  • Fiscal Policy: Looking at the Lottery

    Aug 11, 13 • 300 Views • Behavioral Economics, Economic History, Economic Thinkers, Thinking EconomicallyNo Comments

    The 14 million (or so) people who buy Powerball lottery tickets may be suffering from probability neglect. They know that their chance of winning $40 million could be 1 in 175 million. But still, they buy the tickets. Nobel prize winning psychologist Daniel