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Lotteries in the Real World

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Author Info
 Clotfelter, Charles T
Cook, Philip J

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Abstract

Observed patterns of lottery play suggest that many players believe they can improve their chance of winning by adjusting their bets according to which numbers have won in recent drawings, or in response to their dreams or other portents. This skill orientation is encouraged by state lottery advertising, which tends to be misleading in other respects as well. Patterns of lottery play and the content of lottery commercials provide readily available illustrations of psychological tendencies in risky decision-making that have been documented in laboratory experiments. Copyright 1991 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 4 (1991)
Issue (Month): 3 (July)
Pages: 227-32
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Handle: RePEc:kap:jrisku:v:4:y:1991:i:3:p:227-32

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Web page: http://www.springerlink.com/link.asp?id=100299

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  1. Rachel Croson & James Sundali, 2005. "The Gambler’s Fallacy and the Hot Hand: Empirical Data from Casinos," Journal of Risk and Uncertainty, Springer, vol. 30(3), pages 195-209, May. [Downloadable!] (restricted)
  2. Mauro Guillén & Adrian Tschoegl, 2002. "Banking on Gambling: Banks and Lottery-Linked Deposit Accounts," Journal of Financial Services Research, Springer, vol. 21(3), pages 219-231, June. [Downloadable!] (restricted)
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  3. Emily Haisley & Romel Mostafa & George Loewenstein, 2008. "Myopic risk-seeking: The impact of narrow decision bracketing on lottery play," Journal of Risk and Uncertainty, Springer, vol. 37(1), pages 57-75, August. [Downloadable!] (restricted)
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This page was last updated on 2009-12-4.

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