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We tested an economic theory by trying to buy people's lottery tickets for much more than they paid
Most people aren't shocked when they don't win the lottery. The odds are heavily stacked against them and there is little they could have done differently to change the outcome. They might feel differently however, if they had at one point owned the winning ticket but made the decision to trade it. They would most likely feel some, if not overwhelming, regret. When the Powerball jackpot rose to $1.5 billion in January 2016, we asked people to sell us their lottery tickets for more than the cost of the ticket. This seemed like a pretty good offer. Since the odds of winning with the new ticket are exactly the same, ... (full story)
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