November 29, 2012
The Economic Case Against Winning a $500 Million Lottery (Seriously.)

It’s all about the psychological power of adaptation and relativity with money. Adaptation: At first, the thrill of becoming millions of dollars richer is, well thrilling, but after a while, the thrill wears off. Relativity: Winning the lottery creates an indelible memory, a comparison point, that makes typical life events seem disappointing and boring. Money can buy happiness, if you know how to spend it, but the incidence of winning the lottery does not, on its own, buy much happiness at all. In the long-term, it can be a net cost to life satisfaction.

Read more. [Image: Reuters]

The Economic Case Against Winning a $500 Million Lottery (Seriously.)

It’s all about the psychological power of adaptation and relativity with money. Adaptation: At first, the thrill of becoming millions of dollars richer is, well thrilling, but after a while, the thrill wears off. Relativity: Winning the lottery creates an indelible memory, a comparison point, that makes typical life events seem disappointing and boring. Money can buy happiness, if you know how to spend it, but the incidence of winning the lottery does not, on its own, buy much happiness at all. In the long-term, it can be a net cost to life satisfaction.

Read more. [Image: Reuters]

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  7. thatsaboutright reblogged this from theatlantic and added:
    Yeah, guys. You’re gonna be so unhappy in life if you win the lottery. You definitely shouldn’t play it. I’m not gonna...
  8. laff-riot reblogged this from theatlantic and added:
    The other day we went to 7-Eleven, saw the jackpot, and started talking about all the investments we could make if we...
  9. houseoforange said: But it’s still 550 million dollars!
  10. rumpl reblogged this from anusreeb and added:
    After the 4th strait day at Dog Camp, Magnus would just want to go home and sleep on the couch.
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