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Habit and long memory in UK lottery sale

Research output: Contribution to journalJournal articlepeer-review

<mark>Journal publication date</mark>10/2010
<mark>Journal</mark>Economics Letters
Issue number1
Number of pages4
Pages (from-to)7-10
Publication StatusPublished
<mark>Original language</mark>English


Long memory processes can occur as a consequence of aggregation over heterogeneous agents. We examine the UK lottery and, by estimating the level of fractional differencing, find evidence of the long memory property in lottery sales, a result that has broader implications on the estimation of demand models for lotteries.