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Who Wants to be a Millionaire - Essay Example

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This essay "Who Wants to Be a Millionaire?" discusses the factors when it comes to taking risks and playing safe in lotteries. The essay analyses an influence on an individual’s decision making when it comes to making choices in a lottery game such as the social-economic factors, demographic factors…
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Who Wants to be a Millionaire
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Although life is about taking risks, the average individual would rather play safe because a person is assured that at the end of it all he or she will still go home with something. It is better to have something than have nothing at all.

There is a high possibility that an average person might never have a chance, for instance, to win millions of shillings. To think that the same individual will throw away such a golden chance on uncertain possibility is wishful thinking. No rational human being would take such a risk; but then is a life not full of surprises, after all, no person knows what is in store for the future. There is a probable possibility that the average individual could also hit the jackpot, and go home very rich if he or she took a little time to take a risk. They say the best things come to those who take risks, and why not take that risk; it might be the real deal-breaker after all (Dwijen 22).

Social-economic factors are the economic and social experiences and realities that assist in molding one's attitudes, personality and lifestyle. Examples include education, level of wealth, social awareness and profession (John 34). Demographic factors include the age of an individual, marital status and sex. A person’s level of wealth may influence an individual to take a risk or play safe. If a person is rich, he or she will probably take the risk because he or she will have no setbacks if he or she loses, since he or she has lots of other wealth. On the other hand, individuals with fewer riches will go for the safe deal because that money may be all they possess. An educative individual will go for safe lottery since it is more rational to do so. Male individuals will take risks while female individuals will play safe; this is because men are risk-takers and women, not much risk-takers.

Lastly, the premium attached to guessing is sometimes worthy and not worthy. It might be worthy because one might guess right and hit a jackpot, yet it might not be worthy because one might guess wrong and win nothing. One of the circumstances that may make an individual go for a risky lottery is if that individual is a risk-taker, and humans are very much attracted to risks. The other circumstance is when the individual is very certain that the guess they are going to give is correct. Read More
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