The Powerball multi-state lottery has a positive expected value, currently. Odds of "winning or splitting the jackpot" are 1 in 120,526,770 (according to the Colorado Lottery
) and the jackpot is presently $129 million.
I really hate my job, so with regard to a $1 chance of dispensing the greatest "take this job and shove it" of my life, I am risk neutral.
Update: The expected value of a powerball ticket right now is $1.24, without regard to tax penalty. I may have nothing to do, but not enough nothing to compute the true expected value.
-Miguel Sanchez 12:44 EST |