Gambling on Lotto Numbers: Testing for Substitutability or Complementarity using Semi-weekly Turnover Data
AbstractThe impact on demand for a gambling product of the introduction of a competing product is a topical issue in Britain, Ireland and elsewhere. We consider empirically the demand for Lotto itself and for fixed-odds betting on Lotto draw. The evidence suggests that these products are complements. Problems are posed by the need to rely on turnover data instead of price and quantity data in testing for substitutability or complementarity and by the semi-weekly nature of Lotto draws, which prompts the use of a new test for the possible presence of a negative unit root in turnover series.
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Bibliographic InfoPaper provided by Trinity College Dublin, Department of Economics in its series Economics Technical Papers with number 963.
Date of creation: 1996
Date of revision:
Find related papers by JEL classification:
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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