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The demand for lotto :
The demand for lotto : the role of conscious selection
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- Farrell, Lisa (author)
- School of Economic Studies, Manchester University
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- Hartley, Roger (author)
- Department of Economics, Keele University
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- Lanot, Gauthier, 1965- (author)
- Department of Economics, Keele University
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- Walker, Ian (author)
- Department of Economics, Keele University
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(creator_code:org_t)
- American Statistical Assoication, 2000
- 2000
- English.
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In: Journal of business & economic statistics. - : American Statistical Assoication. - 0735-0015 .- 1537-2707. ; 18:2, s. 228-241
- Related links:
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https://urn.kb.se/re...
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https://doi.org/10.2...
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Abstract
Subject headings
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- This article presents estimates of the elasticity of demand for lottery tickets using time series data in which there is variation in the expected value of a lottery ticket induced by rollovers. An important feature of our data is that there are far more rollovers than expected given the lottery design. We find strong evidence that individuals do not choose their lottery numbers uniformly from a uniform distribution-that is, conscious selection. We use our estimates to derive the inverse supply function for the industry, and this enables us to identify the demand elasticity. We find the price elasticity to be close to unity, which implies that the operator is revenue maximizing-which is the regulator's objective.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Keyword
- lotto
- lottery
- simulation
- Economics
- nationalekonomi
Publication and Content Type
- ref (subject category)
- art (subject category)
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