Lottomania and other anomalies in the market for lotto |
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Authors: | Michael Beenstock Yoel Haitovsky |
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Institution: | Department of Economics, The Hebrew University of Jerusalem, Mount Scopus, Jerusalem 91905, Israel |
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Abstract: | This research is concerned with the determination of the demand for “lotto” in Israel. While an important focus of our research is upon the effects on the demand for lotto of ticket pricing and jackpot announcements, we also investigate several empirical phenomena that are apparently inconsistent with expected utility theory. These include an effect we call “lottomania” which is induced by rollover, and “prize fatigue” when the jackpot does not increase. Another aberration from expected utility theory is that the underlying odds of winning have no measurable effect on sales. |
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Keywords: | Gambling Statistical probability Rational choice |
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