The Lottery: the winners and losers
December 6, 2012
Millions of Americans bought Powerball tickets last week hoping to win the record $588 million jackpot.Â In 43 states, people plunked down their two dollars for a chance at the huge payout, even with the lousy odds — 1 in 175,223,510. Â One of the winning tickets belonged to a Missouri family who will receive roughly $136.5 million after taxes. Today we look at the lottery â€“ what it means for the winners and losers.Â First, does the game really help state economies and who pays the price?Â Then, weâ€™ll talk about the psychology of playing the lottery â€“ what happens to the winners and why we play even though weâ€™re bound to lose.Â Our guests are BRAD HUMPHREYS, Professor of Economics at University of Alberta, DON MCNAY, the author of â€śLife Lessons From the Lottery,â€ť and STEVE DANISH, a Professor of Psychology at Virginia Commonwealth University.