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The Economics of Lotteries: An Annotated Bibliography

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  • Kent Grote

    ()
    (Department of Economics and Business, Lake Forest College)

  • Victor Matheson

    ()
    (Department of Economics, College of the Holy Cross)

Abstract

This paper presents an annotated bibliography of all papers relating to the economics of lotteries as of early to mid 2011. All published scholarly papers that could be identified by the authors are included along with the published abstract where available.

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File URL: http://college.holycross.edu/RePEc/hcx/Grote-Matheson_AnnotatedBibliography.pdf
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Bibliographic Info

Paper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 1110.

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Length: 70 pages
Date of creation: Aug 2011
Date of revision:
Handle: RePEc:hcx:wpaper:1110

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Keywords: lotto; lottery; public finance; gambling;

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References

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  1. Victor A. Matheson & Kent R. Grote, 2003. "Jacking Up the Jackpot: Are Lotto Consumers Fooled by Annuity Payments?," Public Finance Review, , vol. 31(5), pages 550-567, September.
  2. Gardner, Jonathan & Oswald, Andrew J., 2007. "Money and mental wellbeing: A longitudinal study of medium-sized lottery wins," Journal of Health Economics, Elsevier, vol. 26(1), pages 49-60, January.
  3. Victor A. Matheson & Kent R. Grote, 2003. "In Search of a Fair Bet in the Lottery," Department of Economics Working Papers 2003-16, Department of Economics, Williams College.
  4. Jonathan Guryan & Melissa S. Kearney, 2010. "Is Lottery Gambling Addictive?," American Economic Journal: Economic Policy, American Economic Association, vol. 2(3), pages 90-110, August.
  5. Morgan, John & Sefton, Martin, 2000. "Funding Public Goods with Lotteries: Experimental Evidence," Review of Economic Studies, Wiley Blackwell, vol. 67(4), pages 785-810, October.
  6. Siow, Aloysius, 1989. "Fixed cost of work and the demand for lotteries," Economics Letters, Elsevier, vol. 29(4), pages 299-302.
  7. Stephen Fink & Alan Marco & Jonathan Rork, 2004. "Lotto nothing? The budgetary impact of state lotteries," Applied Economics, Taylor & Francis Journals, vol. 36(21), pages 2357-2367.
  8. Beenstock, Michael & Haitovsky, Yoel, 2001. "Lottomania and other anomalies in the market for lotto," Journal of Economic Psychology, Elsevier, vol. 22(6), pages 721-744, December.
  9. Cletus C. Coughlin & Thomas A. Garrett & Rubén Hernández-Murillo, 2006. "The geography, economics, and politics of lottery adoption," Review, Federal Reserve Bank of St. Louis, issue May, pages 165-180.
  10. Kim, Taesung, 1996. "Revealed preference theory on the choice of lotteries," Journal of Mathematical Economics, Elsevier, vol. 26(4), pages 463-477.
  11. Connel Fullenkamp & Rafael Tenorio & Robert Battalio, 2003. "Assessing Individual Risk Attitudes Using Field Data From Lottery Games," The Review of Economics and Statistics, MIT Press, vol. 85(1), pages 218-226, February.
  12. Vaughan Williams, Leighton, 1999. "Information Efficiency in Betting Markets: A Survey," Bulletin of Economic Research, Wiley Blackwell, vol. 51(1), pages 1-30, January.
  13. Garrett, Thomas A. & Marsh, Thomas L., 2002. "The revenue impacts of cross-border lottery shopping in the presence of spatial autocorrelation," Regional Science and Urban Economics, Elsevier, vol. 32(4), pages 501-519, July.
  14. Cletus C. Coughlin & Thomas A. Garrett, 2008. "Income and lottery sales: transfers trump income from work and wealth," Working Papers 2008-004, Federal Reserve Bank of St. Louis.
  15. Papachristou, George & Karamanis, Dimitri, 1998. "Investigating efficiency in betting markets: Evidence from the Greek 6/49 Lotto," Journal of Banking & Finance, Elsevier, vol. 22(12), pages 1597-1615, December.
  16. Martin, Robert & Yandle, Bruce, 1990. " State Lotteries as Duopoly Transfer Mechanisms," Public Choice, Springer, vol. 64(3), pages 253-64, March.
  17. Mikael Lindahl, 2005. "Estimating the Effect of Income on Health and Mortality Using Lottery Prizes as an Exogenous Source of Variation in Income," Journal of Human Resources, University of Wisconsin Press, vol. 40(1).
  18. Mary O. Borg & Paul M. Mason & Stephen L. Shapiro, 1993. "The Cross Effects of Lottery Taxes On Alternative State Tax Revenue," Public Finance Review, , vol. 21(2), pages 123-140, April.
  19. Clotfelter, Charles T & Cook, Philip J, 1991. " Lotteries in the Real World," Journal of Risk and Uncertainty, Springer, vol. 4(3), pages 227-32, July.
  20. Franklin Mixon & Steven Caudill & Jon Ford & Ter Peng, 1997. "The rise (or fall) of lottery adoption within the logic of collective action: Some empirical evidence," Journal of Economics and Finance, Springer, vol. 21(1), pages 43-49, March.
  21. Andrew Weinbach & Rodney Paul, 2008. "Running the Numbers on Lotteries and the Poor: An Empirical Analysis of Transfer Payment Distribution and Subsequent Lottery Sales," Atlantic Economic Journal, International Atlantic Economic Society, vol. 36(3), pages 333-344, September.
  22. Chuan Lee & Chin-Tsai Lin & Chien-Hua Lai, 2010. "Jackpot promotion model for Taiwan Lotto," Applied Economics, Taylor & Francis Journals, vol. 42(6), pages 797-801.
  23. repec:ebl:ecbull:v:8:y:2003:i:10:p:1-8 is not listed on IDEAS
  24. Vaughan Williams,Leighton (ed.), 2005. "Information Efficiency in Financial and Betting Markets," Cambridge Books, Cambridge University Press, number 9780521816038, October.
  25. Chin-Tsai Lin & Chien-Hua Lai, 2006. "Substitute effects between Lotto and Big Lotto in Taiwan," Applied Economics Letters, Taylor & Francis Journals, vol. 13(10), pages 655-658.
  26. James Alm & Robert Buckley, 1998. "Are Government Revenues From Financial Repression Worth the Costs?," Public Finance Review, , vol. 26(3), pages 187-213, May.
  27. Thomas A. Garrett & Cletus C. Coughlin, 2007. "Inter-temporal differences in the income elasticity of demand for lottery tickets," Working Papers 2007-042, Federal Reserve Bank of St. Louis.
  28. Prescott, Edward C. & Shell, Karl, 2002. "Introduction to Sunspots and Lotteries," Journal of Economic Theory, Elsevier, vol. 107(1), pages 1-10, November.
  29. Ng Yew Kwang, 1965. "Why do People Buy Lottery Tickets? Choices Involving Risk and the Indivisibility of Expenditure," Journal of Political Economy, University of Chicago Press, vol. 73, pages 530.
  30. Huck, Steffen & Weizsacker, Georg, 2002. "Do players correctly estimate what others do? : Evidence of conservatism in beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 47(1), pages 71-85, January.
  31. Jackson, John D & Saurman, David S & Shughart, William F, II, 1994. " Instant Winners: Legal Change in Transition and the Diffusion of State Lotteries," Public Choice, Springer, vol. 80(3-4), pages 245-63, September.
  32. Mark Edward Stover, 1990. "Contiguous state lotteries: Substitutes or complements?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 9(4), pages 565-568.
  33. Thomas S. Dee, 2004. "Lotteries, Litigation, and Education Finance," Southern Economic Journal, Southern Economic Association, vol. 70(3), pages 584-599, January.
  34. Andreas Lange & John List & Michael Price, 2007. "Using lotteries to finance public goods: theory and experimental evidence," Artefactual Field Experiments 00381, The Field Experiments Website.
  35. Philip J. Cook & Charles T. Clotfelter, 1991. "The Peculiar Scale Economies of Lotto," NBER Working Papers 3766, National Bureau of Economic Research, Inc.
  36. Richard Thalheimer & Mukhtar M. Ali, 1995. "The Demand for Parimutuel Horse Race Wagering and Attendance," Management Science, INFORMS, vol. 41(1), pages 129-143, January.
  37. Quiggin, John, 1991. "On the Optimal Design of Lotteries," Economica, London School of Economics and Political Science, vol. 58(229), pages 1-16, February.
  38. Peeters Hans & Marx Axel, 2006. "Lottery Games as a Tool for Empirical Basic Income Research," Basic Income Studies, De Gruyter, vol. 1(2), pages 1-7, December.
  39. Donald J. Dale, 2004. "Charitable Lottery Structure and Fund Raising: Theory and Evidence," Experimental Economics, Springer, vol. 7(3), pages 217-234, October.
  40. Bohm, Peter & Lind, Hans, 1993. "Preference reversal, real-world lotteries, and lottery-interested subjects," Journal of Economic Behavior & Organization, Elsevier, vol. 22(3), pages 327-348, December.
  41. Thomas A. Garrett & Gary A. Wagner, 2003. "State government finances: World War II to the current crisis," Working Papers 2003-035, Federal Reserve Bank of St. Louis.
  42. David Forrest & Ian McHale, 2007. "The Relationship Between a National and a Multistate Lotto Game," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 1(3), pages 207-216, November.
  43. Victor Matheson, 2001. "When Are State Lotteries a Good Bet (Revisited)?," Eastern Economic Journal, Eastern Economic Association, vol. 27(1), pages 55-70, Winter.
  44. Charles T. Clotfelter & Philip J. Cook, 1987. "Implicit Taxation in Lottery Finance," NBER Working Papers 2246, National Bureau of Economic Research, Inc.
  45. L. C. MacLean & W. T. Ziemba & G. Blazenko, 1992. "Growth Versus Security in Dynamic Investment Analysis," Management Science, INFORMS, vol. 38(11), pages 1562-1585, November.
  46. Gulley, O. David & Scott, Frank A. Jr., 1989. "Lottery Effects on Pari-Mutuel Tax Revenues," National Tax Journal, National Tax Association, vol. 42(1), pages 89-93, March.
  47. Garrett, Thomas A. & Sobel, Russell S., 1999. "Gamblers favor skewness, not risk: Further evidence from United States' lottery games," Economics Letters, Elsevier, vol. 63(1), pages 85-90, April.
  48. Clotfelter, Charles T & Cook, Philip J, 1990. "On the Economics of State Lotteries," Journal of Economic Perspectives, American Economic Association, vol. 4(4), pages 105-19, Fall.
  49. Donald Siegel & Gary Anders, 2001. "The Impact of Indian Casinos on State Lotteries: A Case Study of Arizona," Public Finance Review, , vol. 29(2), pages 139-147, March.
  50. Elizabeth A. Freund & Irwin L. Morris, 2005. "The Lottery and Income Inequality in the States," Social Science Quarterly, Southwestern Social Science Association, vol. 86(s1), pages 996-1012.
  51. David Forrest & Dika Alagic, 2007. "The History of a Lottery Game that was Seldom Won," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 1(1), pages 57-68, February.
  52. Peter Gripaios & Paul Bishop & Steven Brand, 2010. "A lottery within a lottery? An examination of the distribution of lottery funds in England," Applied Economics, Taylor & Francis Journals, vol. 42(1), pages 63-71.
  53. Douglas M. Walker & John D. Jackson, 2011. "The Effect Of Legalized Gambling On State Government Revenue," Contemporary Economic Policy, Western Economic Association International, vol. 29(1), pages 101-114, 01.
  54. Lisa Farrell & Roger Hartley, . "Can Expected Utility Theory Explain Gambling?," Discussion Papers in Public Sector Economics 00/8, Department of Economics, University of Leicester.
  55. David Forrest, 2003. "Sport and Gambling," Oxford Review of Economic Policy, Oxford University Press, vol. 19(4), pages 598-611, Winter.
  56. Chang Wen-Chun, 2004. "An Empirical Analysis of Gambling Addiction: Results from the Case of Taiwan," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-17, October.
  57. Wilcox, Nathaniel T, 1993. "Lottery Choice: Incentives, Complexity and Decision Time," Economic Journal, Royal Economic Society, vol. 103(421), pages 1397-1417, November.
  58. Mark Skidmore & Mehmet Serkan Tosun, 2005. "Do New Lottery Games Stimulate Retail Activity? Evidence from West Virginia Counties," Working Papers 05-06, UW-Whitewater, Department of Economics.
  59. George Papachristou, 2006. "Is lottery demand elasticity a reliable marketing tool? Evidence from a game innovation in greece," International Review of Economics, Springer, vol. 53(4), pages 627-640, December.
  60. Jonathan Guryan & Melissa S. Kearney, 2008. "Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales," American Economic Review, American Economic Association, vol. 98(1), pages 458-73, March.
  61. Donald S. Elliott & John C. Navin, 2002. "Has Riverboat Gambling Reduced State Lottery Revenue?," Public Finance Review, , vol. 30(3), pages 235-247, May.
  62. Rex J. Pjesky, 2009. "Should We Put Lotteries for Education on the Honor Roll or in the Corner?," The Journal of Economics, Missouri Valley Economic Association, vol. 35(2), pages 23-40.
  63. Luca Corazzini & Marco Faravelli & Luca Stanca, 2007. "A Prize to Give for: An Experiment on Public Good Funding Mechanisms," CRIEFF Discussion Papers 0714, Centre for Research into Industry, Enterprise, Finance and the Firm.
  64. Patrick Roger, 2009. "The demand for Euromillions lottery tickets: An international comparison," Working Papers of LaRGE Research Center 2009-05, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  65. Alok Kumar, 2009. "Who Gambles in the Stock Market?," Journal of Finance, American Finance Association, vol. 64(4), pages 1889-1933, 08.
  66. Yves Alarie & Georges Dionne, 2006. "Lottery Qualities," Cahiers de recherche 0617, CIRPEE.
  67. Matheson, Victor A. & Grote, Kent R., 2004. "Lotto fever: do lottery players act rationally around large jackpots?," Economics Letters, Elsevier, vol. 83(2), pages 233-237, May.
  68. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279.
  69. John Sawkins & Valerie Dickie, 2002. "National Lottery participation and expenditure: preliminary results using a two stage modelling approach," Applied Economics Letters, Taylor & Francis Journals, vol. 9(12), pages 769-773.
  70. George Geronikolaou & George A. Papachristou, 2007. "On the Demand for Lotteries in Greece," International Journal of Business and Economics, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 6(3), pages 255-259, December.
  71. Huck, Steffen & Weizsacker, Georg, 1999. "Risk, complexity, and deviations from expected-value maximization: Results of a lottery choice experiment," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 699-715, December.
  72. Kearney, Melissa Schettini, 2005. "The Economic Winners and Losers of Legalized Gambling," National Tax Journal, National Tax Association, vol. 58(2), pages 281-302, June.
  73. Paul M. Mason & Jeffrey W. Steagall & Michael M. Fabritius, 1997. "The Elasticity of Demand for Lotto Tickets and the Corresponding Welfare Effects," Public Finance Review, , vol. 25(5), pages 474-490, September.
  74. D. R. Bellhouse, 1982. "Fair Is Fair: New Rules for Canadian Lotteries," Canadian Public Policy, University of Toronto Press, vol. 8(3), pages 311-320, Summer.
  75. Tosun, Mehmet Serkan & Skidmore, Mark, 2004. "Interstate Competition and State Lottery Revenues," National Tax Journal, National Tax Association, vol. 57(2), pages 163-78, June.
  76. Thomas A. Garrett & Russell S. Sobel, 2002. "State lottery revenue: the importance of game characteristics," Working Papers 2002-011, Federal Reserve Bank of St. Louis.
  77. Paul M. Mason & Jeffrey W. Steagall & Stephen L. Shapiro & Michael M. Fabritius, 2005. "Evaluating the Life Cycles of Education-Supporting Lotteries," Public Finance Review, , vol. 33(2), pages 255-271, March.
  78. Thaler, Richard H & Ziemba, William T, 1988. "Parimutuel Betting Markets: Racetracks and Lotteries," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 161-74, Spring.
  79. Minabe, Shigeo, 1975. "A Time Deposit with Lottery Ticket," Public Finance = Finances publiques, , vol. 30(2), pages 222-30.
  80. Murphy, Anne L., 2005. "Lotteries in the 1690s: Investment or Gamble?," Financial History Review, Cambridge University Press, vol. 12(02), pages 227-246, October.
  81. Mikesell, John L., 1994. "State Lottery Sales and Economic Activity," National Tax Journal, National Tax Association, vol. 47(1), pages 165-71, March.
  82. Lindh, Thomas & Ohlsson, Henry, 1996. "Self-Employment and Windfall Gains: Evidence from the Swedish Lottery," Economic Journal, Royal Economic Society, vol. 106(439), pages 1515-26, November.
  83. Victor Matheson & Kent Grote, 2007. "Gamblers' Love for Variety and Substitution among Lotto Games," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 1(2), pages 85-99, June.
  84. George Papachristou, 2009. "Scale economies of lotto once more," Applied Economics Letters, Taylor & Francis Journals, vol. 16(3), pages 319-323.
  85. Forrest, David & Gulley, O. David & Simmons, Robert, 2000. "Elasticity of Demand for UK National Lottery Tickets," National Tax Journal, National Tax Association, vol. 53(n. 4), pages 853-64, December.
  86. Paul Pecorino & Akram Temimi, 2007. "Lotteries, Group Size, and Public Good Provision," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 9(3), pages 451-465, 06.
  87. George Papachristou, 2004. "The British gambler's fallacy," Applied Economics, Taylor & Francis Journals, vol. 36(18), pages 2073-2077.
  88. Farrell, Lisa, et al, 2000. "The Demand for Lotto: The Role of Conscious Selection," Journal of Business & Economic Statistics, American Statistical Association, vol. 18(2), pages 228-41, April.
  89. Roger Hartley & Gauthier Lanot, 1999. "On the Design of Lottery Games," Keele Department of Economics Discussion Papers (1995-2001) 99/05, Department of Economics, Keele University, revised Apr 2000.
  90. David Paton & Donald S. Siegel & Leighton Vaughan Williams, 2002. "A Policy Response To The E--Commerce Revolution: The Case Of Betting Taxation In The UK," Economic Journal, Royal Economic Society, vol. 112(480), pages F296-F314, June.
  91. Lany DeBoer, 1986. "Lottery taxes may be too high," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 5(3), pages 594-596.
  92. Robert E. Carpenter & Evan L. Perlman & Donald F. Norris, 2010. "Who Pays for the Maryland Lottery?: Evidence from Point of Sale Data," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 4(1), pages 31-52, March.
  93. Ian Walker, 1998. "The economic analysis of lotteries," Economic Policy, CEPR & CES & MSH, vol. 13(27), pages 357-402, October.
  94. Gulley, O. David & Scott, Frank A. Jr., 1993. "The Demand for Wagering on State-Operated Lotto Games," National Tax Journal, National Tax Association, vol. 46(1), pages 13-22, March.
  95. Cletus C. Coughlin & Thomas A. Garrett & Rubén Hernández-Murillo, 2004. "Spatial probit and the geographic patterns of state lotteries," Working Papers 2003-042, Federal Reserve Bank of St. Louis.
  96. John R. Livernois, 1986. "The Taxing Game of Lotteries in Canada," Canadian Public Policy, University of Toronto Press, vol. 12(4), pages 622-627, December.
  97. Harry Markowitz, 1952. "The Utility of Wealth," Journal of Political Economy, University of Chicago Press, vol. 60, pages 151.
  98. Robson, Arthur J., 1996. "The Evolution of Attitudes to Risk: Lottery Tickets and Relative Wealth," Games and Economic Behavior, Elsevier, vol. 14(2), pages 190-207, June.
  99. Peel, D.A., 2010. "On lottery sales, jackpot sizes and irrationality: A cautionary note," Economics Letters, Elsevier, vol. 109(3), pages 161-163, December.
  100. Donald I. Price & E. Shawn Novak, 2000. "The Income Redistribution Effects of Texas State Lottery Games," Public Finance Review, , vol. 28(1), pages 82-92, January.
  101. Charles T. Clotfelter & Philip J. Cook, 1990. "Redefining “success” in the state lottery business," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 9(1), pages 99-104.
  102. Cox, James C & Epstein, Seth, 1989. "Preference Reversals without the Independence Axiom," American Economic Review, American Economic Association, vol. 79(3), pages 408-26, June.
  103. David Forrest & Levi Perez & Rose Baker, 2010. "Evaluating the effects of game design on lotto sales: a case study from Spain," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 4(2), pages 1-19, September.
  104. Landry, Craig E. & Price, Michael K., 2007. "Earmarking lottery proceeds for public goods: Empirical evidence from U.S. lotto expenditures," Economics Letters, Elsevier, vol. 95(3), pages 451-455, June.
  105. Fernando Ramos Palencia, 2010. "Azar y fortuna en España: la Lotería Nacional, 1850-2000," Investigaciones de Historia Económica (IHE) Journal of the Spanish Economic History Association, Asociación Española de Historia Económica, vol. 6(02), pages 149-185.
  106. Garrett, Thomas A, 2001. " The Leviathan Lottery? Testing the Revenue Maximization Objective of State Lotteries as Evidence for Leviathan," Public Choice, Springer, vol. 109(1-2), pages 101-17, October.
  107. Beenstock, Michael & Goldin, Ephraim & Haitovsky, Yoel, 2000. "What jackpot? The optimal lottery tax," European Journal of Political Economy, Elsevier, vol. 16(4), pages 655-671, November.
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