Casanovas Lottery
Casanovas Lottery The fascinating story of an important lottery that flourished in France from 1757 to 1836 and its role in transforming our understanding of the nature of risk.In the 1750s, at the…
Specifikacia Casanovas Lottery
Casanovas Lottery
The fascinating story of an important lottery that flourished in France from 1757 to 1836 and its role in transforming our understanding of the nature of risk.In the 1750s, at the urging of famed adventurer Giacomo Casanova, the French state began to embrace risk in adopting a new Loterie. The state could lose money on any individual Loterie drawing while being statistically guaranteed to come out on top in the long run. The prize amounts paid varied, depending on the number of tickets bought and the amount of the bet, as determined by each individual bettor.
At each drawing the state was at risk of losing a large amount; what is more, that risk was precisely calculable, generally well understood, and yet taken on by the state with little more than a mathematical theory to In adopting this framework, the French state took on risk in a way no other has, before or after.
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