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E-con? Economics and Irrationality

Economic models of old can’t explain why anyone would buy a lottery ticket. But using behavioural economics, we might one day be able to fully model human behaviour, writes Jesse Condie.

Prospect Theory: Lotteries that Save Money

Every now and then, the media makes a big deal out of winning the lottery. When the prize pool billows into something incredible, attention is turned to who the next multi-millionaire will be. Do these stories make you dream of living a life in the lap of luxury?

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