Debate House Prices


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Nice People Thread No. 14, all Nice and Proper

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Comments

  • silvercar
    silvercar Posts: 49,671 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Two people shared the jackpot!

    My syndicate managed one line with 2 numbers. That gives us a lucky dip in next week's lottery.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • ivyleaf
    ivyleaf Posts: 6,431 Forumite
    Part of the Furniture 1,000 Posts
    kabayiri wrote: »
    You know whats more entertaining?

    Pick your fave 6 numbers and stick to them.

    Every week, deliberately do not buy your ticket.

    Watch the lottery results show. You will find yourself desperately hoping your numbers dont come up.

    When they dont come up, the sense of relief is great, plus....it cost you nothing :D

    Better still, don't buy a ticket, but put the money you would have spent on them into your money box :)
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    If I'd won last night, I bet that by now I'd be over at Toby Carvery tucking into a hot, all you can eat, buffet breakfast.

    I guess, as I didn't, I'll just have to cook my own.

    Toast, scrambled eggs, baked beans, sausages, splash of brown sauce.

    mmmm.... that sounds like a great plan. Back in a bit!

    EDIT: Scoffing. :)

    No black pudding? No bacon? No mushrooms?

    I miss a proper English brekkie and I really miss a good English butcher's banger.
  • Jazee
    Jazee Posts: 9,470 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    We just had a similar breakfast or should it now be called brunch? Egg, bacon, hash brown, black pudding, sausage, toast and baked beans. It was a last minute decision so no mushrooms or tomatoes in the fridge.
    Spend less now, work less later.
  • GDB2222
    GDB2222 Posts: 26,312 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    ... but "what IF"????

    You can't do a lot with £2 .... even if you saved it for 5 long years, once a week you'd have £500.... versus 250 chances to win £1million.

    Compelling!

    Classical economics is based on the idea that you wouldn't enter the lottery even if it were a fair game, ie one where the prize money equalled the ticket sales. The idea is that your marginal utility from £2 is greater than from £1m, pro rata.

    And yet, people do gamble, so economists included entertainment value in the process, so as to explain it.

    An alternative explanation is that the £1m would change your life in a way that £2 cannot, so you may have a rather oddly shaped utility function that values the pro rata share of the £1m more highly than the £2.

    Gen will be along in a minute to explain that properly....
    No reliance should be placed on the above! Absolutely none, do you hear?
  • Jazee
    Jazee Posts: 9,470 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I got suckered in to still doing the lottery when it doubled in price but not when it increased to 59 numbers. As we both had a line each twice a week, we're now saving an extra £32 a month and that does add up.
    Spend less now, work less later.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    GDB2222 wrote: »
    Classical economics is based on the idea that you wouldn't enter the lottery even if it were a fair game, ie one where the prize money equalled the ticket sales. The idea is that your marginal utility from £2 is greater than from £1m, pro rata.

    And yet, people do gamble, so economists included entertainment value in the process, so as to explain it.

    An alternative explanation is that the £1m would change your life in a way that £2 cannot, so you may have a rather oddly shaped utility function that values the pro rata share of the £1m more highly than the £2.

    Gen will be along in a minute to explain that properly....

    No need, you've got it spot on.

    The only reason in old economics for gambling to exist is that gamblers enjoy gambling and so the baked in losses that they experience are more than offset by the enjoyment they gain from the act of gambling: the excitement, the dream of being a winner, whatever it might be.
  • Nikkster
    Nikkster Posts: 6,391 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Generali wrote: »
    No need, you've got it spot on.

    The only reason in old economics for gambling to exist is that gamblers enjoy gambling and so the baked in losses that they experience are more than offset by the enjoyment they gain from the act of gambling: the excitement, the dream of being a winner, whatever it might be.

    You say 'old' economics... does 'new' economics say something different?
  • michaels
    michaels Posts: 29,137 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Nikkster wrote: »
    You say 'old' economics... does 'new' economics say something different?

    New (behavioural) economics says that offer someone the chance to buy a promotional mug and they will value it at a couple of pence, give them the mug then try and buy it back from them and suddenly it will be worth at least a quid - ie people don't always act in a manner that maximises their lifetime utility function.
    I think....
  • silvercar
    silvercar Posts: 49,671 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Jazee wrote: »
    I got suckered in to still doing the lottery when it doubled in price but not when it increased to 59 numbers. As we both had a line each twice a week, we're now saving an extra £32 a month and that does add up.

    There must be tens of thousands of people like me, who have the same numbers since the start, who pay by direct debit, who are hardly aware of the changes. The chances of having to share your prize more widely if your winning line doesn't include a number over 49, must by far greater than if your line included a larger number.

    I agree with Jazee, the £1 a week became 2 x £1 a week, then became 2 x £2 a week. My Direct Debit is now £18.

    I just said to OH that I spend £18 a month on the lottery, his reply was "How many costa coffees is that?":o
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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