andrewducker + gambling   23

Profitable Until Deemed Illegal
"In short, swoopo is about as close to pure, distilled evil in a business plan as I've ever seen. They get paid for everything up front, and as they drop ship everything there's no inventory or overhead to worry about. It is almost brilliantly evil, in a sort of evil genius way."
economics  gambling  shopping  swoopo 
december 2008 by andrewducker
Lottery Tickets and Credit Cards: The Dangers of an Irrational Brain
A paper in the Journal of Behavioral Decision Making was inspired by the empirical observation that the poor spend a disproportionate percentage of their income on lottery tickets. They conducted two experiments to examine whether making people feel poor makes them want to play the lottery.

Subjects were made to either feel relatively poor or relatively rich The group made to feel poor purchased twice as many lottery tickets (an average of 1.27) than those made to feel relatively wealthier (0.67 tickets, on average).

In the second experiment, we indirectly reminded participants that, while different income groups face unequal prospects when it comes to education, employment and housing, everyone has an equal chance to win the lottery. This reminder that the lottery is a kind of “social equalizer” also increased lottery tickets purchases. The group given this reminder purchased 1.31 tickets, on average, as compared with 0.54 for those not given such a reminder.
lottery  gambling  brain  decisions 
october 2008 by andrewducker

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