Are you willing to bet on insurance?

If you knew you had a one in 3 000 chance of winning $10 000 would you buy a $10 ticket? If you paid $100 for the same ticket but increased your chances to one in 2 000 would you do it?   Similarly if you knew there was a one in 1 000 chance you'd get in an auto accident driving down Marine Drive on a Wednesday afternoon would you drive on a Wednesday afternoon?   What about Fridays?   Would you do anything to increase your odds of winning or decrease your odds of crashing?   What would you pay to . . .

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