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Scale economies of lotto once more

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  • George Papachristou

Abstract

Under the assumption of random number selection, higher moments of a lotto ticket payoff seem to exhibit a peculiar behaviour; variance (and probably skewness) rises up to some number of bets before approaching its limit from above. A close inspection of the 'simplest' expression obtained by means of a hypergeometric summation algorithm suggests that the payoff variance (and probably skewness) is unimodal and attains its highest at a realistic scale.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 16 (2009)
Issue (Month): 3 ()
Pages: 319-323

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Handle: RePEc:taf:apeclt:v:16:y:2009:i:3:p:319-323

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Cited by:
  1. Kent Grote & Victor Matheson, 2011. "The Economics of Lotteries: An Annotated Bibliography," Working Papers 1110, College of the Holy Cross, Department of Economics.

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