What's the optimal amount to spend on this raffle?
July 24, 2009 9:04 AM Subscribe
There's a monthly raffle at work for 5 parking spaces out back. There are about 30 people in my office. There's no limit to the amount of tickets you can buy. You can only win once. Otherwise, parking costs about $4 a day, or about $80 a month. Raffle proceeds go to charity. What's the optimal amount to spend on this?
posted by boghead to work & money (19 answers total) 3 users marked this as a favorite
I should tell you also that this question is purely academic because the raffle has been discontinued. But I still want to know what you all think because work is boring as all get out.
What's the best way to figure this out? One friend said she'd use a stats program, another said Matlab. I was thinking maybe a nice line graph with asymptotes and bright colors and such?
I figure the absolute most you would want to spend on this raffle would be $80, only because it goes to charity. Also, I'm assuming no one else in the office ever bought more than 2 or 3 tickets.