Who needed to count the millions of stars in the sky or blades of grass in a field?That’s why odds of 1 in 292 million don’t sound terribly different from odds of, say, 1 in 100,000 at least not until you stop to think carefully about it.Certainly, the fact that your odds of winning the Powerball jackpot prize recently went from 1 in 175 million (when you had to select six numbers between 1 and 59) to 1 in 292 million has little impact on people’s willingness to participate in the lottery.3. The lottery plays into our “availability bias.”The “availability bias” is the term for when we overestimate an event’s likelihood based on how strong our memories of that event are.So when we try to figure out our odds of winning the Powerball jackpot prize, Williams said we think about the few people we’ve heard about who won the lottery instead of the millions of people who didn’t win.That’s because jackpot winners always make the news, and jackpot losers never do, so the stories of the winners stand out much more in our memories.”It makes [winning] seem possible,” Williams said.So should you buy a ticket?That’s up to you.Williams, for one, said he doesn’t necessarily want people to stop playing lotteries. There are much more serious forms of gambling, and the harm that comes from playing the lottery (losing $2) is relatively minor.Yet Williams said it’s useful to know that playing the lottery is merely a cheap form of entertainment you spend $2 for the chance to fantasize about becoming a millionaire.
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