Parimutuel Lotteries: Gambler's Behavior and the Demand for Tickets
AbstractIn a parimutuel lottery, players face a strategic choice situation. We investigate how rational lottery players should choose combinations of numbers. Using data from the Austrian Lotto we compare this to actual behavior. We propose a relationship between the number of tickets and the expected loss of taking part based both on theoretical and empirical findings about player behavior. Rollovers introduce exogeneous price variation allowing to estimate properties of a demand function sensitive to the expected loss.
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Bibliographic InfoPaper provided by Washington St. Louis - School of Business and Political Economy in its series Papers with number 9905.
Length: 19 pages
Date of creation: 1999
Date of revision:
Contact details of provider:
Postal: WASHINGTON UNIVERSITY IN ST-LOUIS, SCHOOL OF BUSINESS AND CENTER IN POLITICAL ECONOMY, ST-LOUIS MISSOURI 63130 U.S.A.
Web page: http://www.olin.wustl.edu/
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CONSUMPTION ; HAZARD ; LOTTERIES;
Find related papers by JEL classification:
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Recreation; Tourism
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
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- Hauser, Ursula & Koenig, Ulrich & Krylova, Elizaveta, 2000. "Gamblers' Rationality in Parimutuel Soccer Betting," Economics Series 87, Institute for Advanced Studies.
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