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Lotteries in the Real World

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Author Info

  • Clotfelter, Charles T
  • Cook, Philip J

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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Bibliographic 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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Cited by:
  1. 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.
  2. Mauro F. Guillén & Adrian E. Tschoegl, 2001. "Banking on Gambling: Banks and Lottery-Linked Deposit Accounts," Center for Financial Institutions Working Papers 00-25, Wharton School Center for Financial Institutions, University of Pennsylvania.
  3. 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.
  4. Kent Grote & Victor Matheson, 2011. "The Economics of Lotteries: An Annotated Bibliography," Working Papers 1110, College of the Holy Cross, Department of Economics.
  5. Zeelenberg, Marcel & Pieters, Rik, 2004. "Consequences of regret aversion in real life: The case of the Dutch postcode lottery," Organizational Behavior and Human Decision Processes, Elsevier, vol. 93(2), pages 155-168, March.
  6. Metrick, Andrew, 1996. "March madness? Strategic behavior in NCAA basketball tournament betting pools," Journal of Economic Behavior & Organization, Elsevier, vol. 30(2), pages 159-172, August.

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