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Lottery Design Lessons from the Dismal Science

In: Gaming in the New Market Environment

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  • Ian Walker

Abstract

Understanding gambling is a problem for economists. The economist’s traditional toolbox is not well equipped to understand why risk-averse individuals would participate in gambles that are actuarially unfair bets. However, gambling is a pervasive feature of most economies and a number of simple departures from traditional economic thinking have been suggested in the literature to attempt to reconcile gambling with the idea that individuals are risk averse. One recent phenomenon in betting markets has been the growth of lottery products. The scale and scope of lotteries has expanded considerably over recent decades and there has been considerable controversy over their increasing use by governments as sources of revenue. In most economies lottery operators are charged with raising revenue that can then be used either to support general expenditure or is earmarked for particular purposes. Indeed, operators are generally expected, within bounds, to maximise the revenue that they raise.

Suggested Citation

  • Ian Walker, 2008. "Lottery Design Lessons from the Dismal Science," Palgrave Macmillan Books, in: Matti Viren (ed.), Gaming in the New Market Environment, chapter 4, pages 75-98, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-58261-3_4
    DOI: 10.1057/9780230582613_4
    as

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