One of the meta things I’m most interested in at this conference is how a bunch of super-smart people with strong understanding of statistics handle coming to Las Vegas. Do we gamble, because we thing we’re smarter than the dealer? Do we avoid it, because we know the expected return from slot machines is something like 90 cents on the dollar?
Years ago, I heard an economist talk about how to play the lottery. I’d like to recount that argument, because I think it’s relevant here, and reinforces the difference between value and utility. Plus, I get to drop a photo of an island into my blog post.