Question
Sara frequently purchases lottery tickets. When asked why, she states that it is because each one could be worth 1000 dollars! However, the cost of
Sara frequently purchases lottery tickets. When asked why, she states that it is because each one could be worth 1000 dollars! However, the cost of each ticket she is buying is 10 dollars which far outweighs the 1 in 1000 odds that she might win a 1000 dollar jackpot. What aspect of this situation is Sara failing to consider?
Expected value of each ticket
The availability heuristic
Mental sets surrounding the tickets
The framing of the tickets
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Understanding Social Science Research
Authors: Thomas R Black
2nd Edition
0761973699, 9780761973690
