Variety, Impulse Buying and Friction Reduction - Deepstash

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Why We Keep Playing the Lottery

Variety, Impulse Buying and Friction Reduction

Different price points, themes and designs of lottery tickets provide variety and reduce player burnout.

The creative concepts keep things fresh and exciting for regular players, making them experience a sense of possibility. Having lottery tickets placed at ubiquitous points facilitates impulse buying by reducing friction.

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Lotteries
Lotteries

The lottery is cheap permission to dream about the possibility of a better life. Most players know they won't win. 

People without lots of money are more likely to participate ...

More likely to buy tickets

In an experiment, low-income participants were more likely to purchase lottery tickets when they felt that their income was low compared to a perceived standard. 

The loop

Government-run lotteries appeal to poor people. This causes them to spend a disproportionate amount of their income on lotteries, which contributes to them being poor, which keeps them buying tickets.

Luck And Chance
Luck And Chance

Like the flip of a coin coming up with heads or tails, chance is what happens out there, and is an aspect of the physical universe. Luck, on the other hand, is a perceived value of...

Getting Luckier

People try to change the chance outcomes, and thereby their luck by using blind superstition or old ritual to affect the outcome, but there is no evidence of them working.

Luck can be increased with hard work, though what can happen out there is still anybody’s guess. The prepared mind that is able to act with speed and direction has more favourable chances than the one who is not paying attention.

Luck and Our Perception On Life

Being lucky or unlucky often is our own perception and outlook towards life.

If we survive a car accident, we consider ourselves lucky to be alive or to be unlucky to be involved in the accident in the first place, ruining our vehicle.

The illusion of control

Stress testing is a standard technique used to test how someone will perform in the "worst-case" scenario. The problem is that the "worst-case" scenario is subjective, causing an illusion of contro...

Success and crisis

Success in “normal” circumstances does not mean that you will succeed in a crisis since, in a crisis, the rules change. However, it can make you feel confident and make you highly vulnerable to the next crisis.

Drawing up your own tests

Your own incentives may support an illusion of control. If you draw up your own worst-case scenarios, you will always pass, but as a result, you will develop blind spots.

Encourage innovation in risk models to increase diversification and decrease risk.