The answer can't be expected payouts being higher for one Powerball ticket, because people don't buy lottery tickets because of math.
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Anchoring. Some people are buying the premium fantasy while others are buying the value fantasy.
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Apple should disrupt the market by selling a $100 lottery ticket.
End of conversation
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Also, people buy multiple tickets for the same lottery.
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Prices set by a committee rather than supply and demand; they have monopoly power anyway...
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