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Banking on Gambling: Banks and Lottery-Linked Deposit Accounts

  • Mauro F. Guillén
  • Adrian E. Tschoegl

Lottery-linked deposit accounts have proved to be popular around the world. From the point of view of a bank, these products are especially successful among relatively low-income customers, or in markets in which many people are outside the banking system. Below, we describe numerous examples of such accounts, and analyze their economics.

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File URL: http://fic.wharton.upenn.edu/fic/papers/00/0025.pdf
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Paper provided by Wharton School Center for Financial Institutions, University of Pennsylvania in its series Center for Financial Institutions Working Papers with number 00-25.

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Date of creation: May 2001
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Handle: RePEc:wop:pennin:00-25
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  1. Smith, B.D. & Villamil, A.P., 1991. "Government Borrowing using Bonds with Randomly Determined Returns : Welfare Improving Randomization in the Context of Deficit Finance," RCER Working Papers 287, University of Rochester - Center for Economic Research (RCER).
  2. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  3. Aggarwal, Rajesh K & Yousef, Tarik, 2000. "Islamic Banks and Investment Financing," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(1), pages 93-120, February.
  4. 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.
  5. Quiggin, John, 1991. "On the Optimal Design of Lotteries," Economica, London School of Economics and Political Science, vol. 58(229), pages 1-16, February.
  6. Green, Richard C & Rydqvist, Kristian, 1997. "The Valuation of Nonsystematic Risks and the Pricing of Swedish Lottery Bonds," Review of Financial Studies, Society for Financial Studies, vol. 10(2), pages 447-80.
  7. Cook, Philip J & Clotfelter, Charles T, 1993. "The Peculiar Scale Economies of Lotto," American Economic Review, American Economic Association, vol. 83(3), pages 634-43, June.
  8. Ian Walker, 1998. "The economic analysis of lotteries," Economic Policy, CEPR;CES;MSH, vol. 13(27), pages 357-402, October.
  9. 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.
  10. 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.
  11. 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.
  12. Velde, François R. & Weir, David R., 1992. "The Financial Market and Government Debt Policy in France, 1746–1793," The Journal of Economic History, Cambridge University Press, vol. 52(01), pages 1-39, March.
  13. Shapira, Zur & Venezia, Itzhak, 1992. "Size and frequency of prizes as determinants of the demand for lotteries," Organizational Behavior and Human Decision Processes, Elsevier, vol. 52(2), pages 307-318, July.
  14. Minabe, Shigeo, 1975. "A Time Deposit with Lottery Ticket," Public Finance = Finances publiques, , vol. 30(2), pages 222-30.
  15. 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.
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