Adam Smith quote about lose from The Wealth of Nations - Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets, the nearer you approach to this certainty.
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Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets, the nearer you approach to this certainty.
 Adam Smith, The Wealth of Nations (1776). copy citation

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Author Adam Smith
Source The Wealth of Nations
Topic lose lottery odds
Date 1776
Language English
Reference An Inquiry into the Nature and Causes of the Wealth of Nations
Note
Weblink http://www.gutenberg.org/files/3300/3300-h/3300-h.htm

Context

“In order to have a better chance for some of the great prizes, some people purchase several tickets; and others, small shares in a still greater number. There is not, however, a more certain proposition in mathematics, than that the more tickets you adventure upon, the more likely you are to be a loser. Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets, the nearer you approach to this certainty.
That the chance of loss is frequently undervalued, and scarce ever valued more than it is worth, we may learn from the very moderate profit of insurers. In order to make insurance, either from fire or sea-risk, a trade at all, the common premium must be sufficient to compensate the common losses, to pay the expense of management, and to afford such a profit as might have been drawn from an equal capital employed in any common trade.” source

Meaning and analysis

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