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What are you really buying when you buy a lottery ticket?

Lotteries are a great place to study human misjudgment. They take your money and sell you a dream.

A lottery ticket is the ultimate example of the possibility effect. Without a ticket you cannot win, with a ticket you have a chance, and whether the chance is tiny or merely small matters little. Of course, what people acquire with a ticket is more than a chance to win; it is the right to dream pleasantly of winning

Via Thinking, Fast and Slow

Still curious? I’ve written about lotteries and gambling before:
How Vegas Turns Our Brain Into Mush
Lotteries and the Availability Bias
Making Good Citizenship Fun — Richard Thaler
“Near Misses” Encourage Problem Gambling

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