VOLTAIRE IRONIC SATIRICAL OR SIMPLY GENIUS.docx

Journal of Socio-Economics

Anecdotal evidence indicates that many people pool funds to purchase lottery tickets. We investigate the characteristics of such syndicated lottery play in Spain. The results indicate that the method of play, and the characteristics of syndicate members, exhibits significant heterogeneity across different lottery games. Employed individuals are more likely to participate in lottery syndicates than unemployed individuals, and females are more likely to play lottery games syndicated than males. The evidence primarily supports sociological motives for syndicated play; informational problems appear to be an important barrier to the formation of lottery syndicates.

2011

Government sponsored lotteries operate around the world. Their popularity has grown substantially over time. Legal lottery gambling generates significant public revenue, much of it from the lower part of the income distribution. Lottery is almost always an unfair bet, so explaining the purchase of lottery tickets by risk-averse consumers has long challenged economic theory. Lotteries can be analyzed from the perspective of public finance, as source of public revenue, or consumer theory, as a consumer commodity.

2006

Although state-operated lotto games have the worst average expected payoffs among common games of chance, because the jackpot can accumulate, the maximum expected payoff is potentially unlimited. It is possible, therefore, that lotto can exhibit a positive expected return. This paper examines 18,000 drawings in 34 American lotteries and finds approximately 1% of these drawings provided players with a fair bet. If it were possible for a bettor to purchase every possible combination, however, most lotteries commonly experience circumstances where such a purchase would provide a positive return with 11% of the drawings providing a fair bet to the player. JEL Classification Codes: D81, H71, L83

2011

This paper presents an annotated bibliography of all papers relating to the economics of lotteries as of early to mid 2011. All published scholarly papers that could be identified by the authors are included along with the published abstract where available. JEL Classification Codes: D81, H71, L83

2008

Abstract Playing the state lottery is clearly inconsistent with expected value maximization; lotteries only return approximately 50 cents on the dollar, on average. Moreover, low-income individuals spend a higher percentage of their income, and possibly even a higher absolute amount, on lottery tickets than do wealthier individuals. However, little research has explored what factors encourage or discourage lottery ticket purchases.

Social Behavior and Personality, 2008

Lottery advertising is focused on fantasies of winning which may mislead the general public. As a result, there could be severe social impacts with mounting lottery sales. In this study, conducted in Taiwan, it was found that lottery purchase is contingent on not only demographic and socioeconomic variables, but also on effects of lottery advertising. There are greater influences of lottery advertising on people who purchase lottery tickets than on those who do not. There is strong convergence between purchase behavior and attitudes, highlighting a correspondence between positive attitudes towards lottery advertising and a high level of engagement in lottery purchase. Socioeconomic status also has an effect on reaction to lottery advertising and may further perpetuate social inequality. The results validate ongoing criticism that lottery advertising is more influential on individuals with lower incomes and schooling.

Handbook of Sports and Lottery Markets, 2008

Lotteries as sources of public funding are of particular interest because they combine elements of both public finance and gambling in an often controversial mix. Proponents of lotteries point to the popularity of such games and justify their use because of the voluntary nature of participation rather than the reliance on compulsory taxation.

Atlantic Economic Journal, 2006

This paper considers the relationship that exists between two lottery products offered simultaneously in the same state, a smaller lottery game run by the individual state and a larger multi-state game run in coordination with other states. The primary issue is whether the two different products should be considered substitutes or complements for one another. The question is considered from two different perspectives that lead to a conclusion that while the two products do tend to be complements to one another, overall the individually run state lottery games experience a reduction in sales from the presence of the multi-state game. JEL Classification Codes: D81, H71, L83

Modern Asian Studies, 2005

In Taiwan, the legalised gambling sponsored by the government-the Public Welfare Lottery-was re-introduced on January 2002. Since then, the unprecedented lottery fever has become a social phenomenon that deserves our attention. This research focuses on the 'public welfare' effects as the name of the lottery was billed. The study consists of qualitative and quantitative analyses, which has served effectively to assess the advocacy of the 'social ill' for the 'social good'.

2007

This paper considers the whether offering multiple lotto games within a state by joining a multi-state lottery increases total ticket sales compared to offering a single state game. The question is considered from two different perspectives, which both lead to the conclusion that states do tend to benefit from increased ticket sales overall by joining a multi-state lottery association. There is, however, a noted difference in the magnitude of that effect depending on the size of the average jackpots of the previously existing state games. JEL Classification Codes: D81, H71, L83