tag:blogger.com,1999:blog-5465015914589377788.post2070095743476977644..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: The Power of ImaginationMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5465015914589377788.post-63066280060709233692009-09-30T11:42:55.676-04:002009-09-30T11:42:55.676-04:00Big Cajun Man: Of course, you have to wonder why ...Big Cajun Man: Of course, you have to wonder why someone would buy a poorer quality vehicle on purpose :-)<br />I agree with you about the friend of a friend phenomenon when it comes to lotteries, but I think that just reinforces the mental image of winning. I'd like to think that explaining how bad the odds are in KENO would steer more people away from it, but I think it would only be understood by those who wouldn't play anyway.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-34842266541590277712009-09-30T11:38:05.207-04:002009-09-30T11:38:05.207-04:00Sometimes a warranty is warranted (like if you are...Sometimes a warranty is warranted (like if you are buying a poorer quality vehicle), however, it is rare that the "gamble" on buying a longe term warranty pays off.<br /><br />As for lottery tickets, they rely on the "Shark bite" phenomenon, where everybody knows of somebody or some friend of a friend who was bitten by a shark, but not that many people get bitten by sharks (same is true for the lottery). <br /><br />The most interesting game is KENO, maybe a post on those odds would make people think a bit more?Big Cajun Manhttp://www.canajunfinances.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-27263619574260231352009-09-30T08:14:40.494-04:002009-09-30T08:14:40.494-04:00Canadian Investor: Having an appetite for risk ex...Canadian Investor: Having an appetite for risk explains some behaviour, but I don't think that applies to the situations I describe. People don't buy lottery tickets because they feel like doing something risky; they dream of winning the big prize. Buying an extended warranty isn't what one does to add more risk to life. Playing poker without committing any money isn't risk-loving behaviour.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-33708328139466565022009-09-30T08:00:46.587-04:002009-09-30T08:00:46.587-04:00Or, are we sometimes risk takers instead of risk a...Or, are we sometimes risk takers instead of risk averse, with a positive taste for risk when the reward is beyond what is thought ever to be possible?CanadianInvestorhttps://www.blogger.com/profile/05645767559302303541noreply@blogger.com