Dear Dr. Economics,
My little Benny got assigned his kindergarten’s annual $30,000 raffle to support Sorghum Awareness. Normally, a Kansan celebrity or a CEO from a local biotech company does this sort of thing. But they’re all busy this year, so it fell to my six-year old son.
He’s tried real hard during lunchtime, but he hasn’t even sold one of his three hundred $100 tickets. He’s darn near ready to burst into tears. Even holding “Patches,” his teddy bear, doesn’t erase his sense of failure.
Can you help me?
Dear Mr. Epicenter,
Why certainly, I can help you. I am Dr. Economics. Instead of Benny making each kindergartner cough up $100–and what are the chances of that given you describe him as little–why not sell partial shares?
Benny is sure to have more success selling 1/100th shares in each ticket for $1. Of course, this means the lad will need to sell 30,000 shares, so diligence and determination are must for this plan to succeed.
Alternatively, Benny could sell 1/10,000th shares in each ticket for 1c. This plan makes for easy sales. Again, I feel especially obligated to stress perseverance in selling the necessary 3,000,000 shares. Indeed, consider taking him to school early and picking him up late.
Benny should also learn about computer spreadsheets. Careful record keeping is a must for any successful raffle, whether it be for 3,000,000 records or the more modest 30,000.
Normally, I would advise keeping children clear of caffeinated beverages until the age of twelve, but it seems doubtful little Benny will have much time for sleeping. So, go for it!
– Dr. Economics