Peel, David (2010) On lottery sales, jackpot sizes and irrationality: A cautionary note. Economics Letters, 109 (3). pp. 161-163. ISSN 0165-1765
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Official URL: http://dx.doi.org/10.1016/j.econlet.2010.08.020
Abstract
Jackpot size has a greater impact than expected price as a determinant of lottery sales suggesting that agents exhibit irrational lotto mania. We demonstrate why this conclusion is problematical by considering the reduced form obtained if agents are described by Cumulative Prospect Theory.
| Item Type: | Article |
|---|---|
| Journal or Publication Title: | Economics Letters |
| Uncontrolled Keywords: | Lottery sales ; Cumulative prospect theory ; Jackpot size ; Irrationality |
| Subjects: | H Social Sciences > HB Economic Theory |
| Departments: | Lancaster University Management School > Economics |
| ID Code: | 55023 |
| Deposited By: | ep_importer_pure |
| Deposited On: | 13 Jun 2012 11:08 |
| Refereed?: | Yes |
| Published?: | Published |
| Last Modified: | 15 Apr 2013 11:34 |
| Identification Number: | |
| URI: | http://eprints.lancs.ac.uk/id/eprint/55023 |
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