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On lottery sales, jackpot sizes and irrationality: A cautionary note

Research output: Contribution to Journal/MagazineJournal articlepeer-review

<mark>Journal publication date</mark>12/2010
<mark>Journal</mark>Economics Letters
Issue number3
Number of pages3
Pages (from-to)161-163
Publication StatusPublished
<mark>Original language</mark>English


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.