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Pick your own ticket, charge four times as much. Same odds.

In 1975 Ellen Langer let office workers either choose a lottery ticket or receive one at random. Those who chose demanded an average of $8.67 to resell it; the others just $1.96. The winning odds were identical either way.

Useful: Wherever you get to choose, you overrate your influence – especially over random processes.

Source: nuovoeutile.it

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Question on this card

What did Langer's 1975 lottery study show?

  1. Self-chosen tickets win more often
  2. Those who chose demanded more money for their ticket
  3. Assigned tickets were preferred
  4. Participants sold every ticket at once
Show the answer

Correct: Those who chose demanded more money for their ticket

$8.67 versus $1.96 – with identical odds of winning.

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