Parimutuel Lotteries: Gambler's Behavior and the Demand for Tickets
In 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.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|Date of creation:||1999|
|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/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:fth:waslbp:9905. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel)
If references are entirely missing, you can add them using this form.