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The demand for lotto: the role of conscious selection
School of Economic Studies, Manchester University.
Department of Economics, Keele University.
Department of Economics, Keele University.ORCID iD: 0000-0001-9244-7018
Department of Economics, Keele University.
2000 (English)In: Journal of business & economic statistics, ISSN 0735-0015, E-ISSN 1537-2707, Vol. 18, no 2, 228-241 p.Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
American Statistical Assoication , 2000. Vol. 18, no 2, 228-241 p.
Keyword [en]
lotto, lottery, simulation
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:umu:diva-83519DOI: 10.2307/1392560ISI: 000088367700011OAI: oai:DiVA.org:umu-83519DiVA: diva2:668453
Available from: 2013-11-29 Created: 2013-11-29 Last updated: 2017-12-06Bibliographically approved

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