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Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - On lottery sales, jackpot sizes and irrationality: A cautionary note
AU - Peel, David
PY - 2010/12
Y1 - 2010/12
N2 - 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.
AB - 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.
KW - Lottery sales
KW - Cumulative prospect theory
KW - Jackpot size
KW - Irrationality
U2 - 10.1016/j.econlet.2010.08.020
DO - 10.1016/j.econlet.2010.08.020
M3 - Journal article
VL - 109
SP - 161
EP - 163
JO - Economics Letters
JF - Economics Letters
SN - 0165-1765
IS - 3
ER -