Squeak, no it doesn’t. You merely explained why the statistics are true. Granted, a delayed gratification type who wins the lottery will invest the money in something paying long dividends. But he will also be much less likely to blow money on the lottery in the first place. That’s why the lottery is a tax on the stupid- the delayed-gratification types don’t pay it.
Tim Harford has a better suggestion- pick numbers and DON’T buy the ticket. That way you can sweat to see if you should have bought the ticket. If the numbers are picked, you feel like an ID10T. You win much more often, and save money besides.
My inbox is filled with lottery winnings ever day. I must win about $10-20 million worth of lotteries every day. should I cash them in? 🙂