Can you explain how the sunk cost fallacy affects lottery players?

[Mike_25]

Dear readers, I have been playing lottery for many years and keep buying tickets even when I don't win. Can someone explain to me how this "sunk cost fallacy" works and how it affects lottery players like myself? The way I see it, the more tickets I buy the closer I am to winning but some say I'm just losing more money. Can you help explain in simple terms if my thinking is flawed? I would appreciate short and clear responses I can easily understand.

 

[James108]

Sunk cost fallacy is particularly prevalent among lottery players because of the nature of the game. Lottery tickets are often seen as a low-risk, high-reward proposition. Even though the odds of winning are very low, people are willing to spend money on tickets because the potential payoff is so great.