Deakin University » Communities »

lottery

Will I win the $80 million Powerball Jackpot? When it comes to chance, don't expect to be rational

 

Most of us like to think that we make decisions in a rational, sensible way. We prefer to believe that when it comes to making choices, whether to get out of bed, buy a Powerball ticket, turn left at the next set of lights, or even buy that house, the choices we make typically reflect our desires; we choose what, all things considered, we want.  The process by which we make choices is pretty straightforward.  We consider the pros and cons of a particular choice, or perhaps even do a more formal cost-benefit analysis.  After weighing up our options, we choose the product we want the most.  For the most part, it is a process that is carried out in the conscious mind. Pretty straightforward. 

 

Right?

 

Wrong.

 

Syndicate content