... in state-run lotteries and a new nationally representative survey to provide reduced-form and structural estimates of risk preferences and behavioural biases in lottery demand, and to explore the implications for optimal lottery design. We find that sales respond more to the expected value of the jackpot...

... ( a ) u ( a 1 , θ ) + λ 2 ( a ) u ( a 2 , θ ) + λ 3 ( a ) u ( a 3 , θ ) , In the context of expected utility, there are canonical (von Neumann–Morgenstern) functional forms that induce SCD over lotteries: in mechanism design and screening, u ( ( q , t...

...-term scarcity into account. vaccines shortage rationing lotteries epidemiology How should vaccines be allocated in a pandemic-driven shortage? While there were significant doubts expressed initially that vaccines would be available in a timely manner to assist in controlling the Covid-19 pandemic...

..., 2015 ). Part of this literature relies on hypothetical surveys (see Manski, 2004 for a review). The other on financial incentives and incentive compatible methods (see Harrison, 2014 for a discussion). These methods generally ask respondents to choose between lotteries or prospects. The implied...

... in which 1.5 million stock investors face lotteries for the random allocation of shares. We find that the winners of these randomly assigned initial public offering (IPO) lottery shares are significantly more likely to hold them than lottery losers 1, 6, and even 24 months after the random allocation...

... of rare events. Interventionists can make the most of this bias by creating lottery-based incentive systems that feature infrequent large prizes ( Loewenstein, John, & Volpp, 2013 ). For instance, Haisley and colleagues (2012) found that adults who were offered a lottery-based system for completing...

... as I know) has laid down a theory of precisely what one must do in order to be fair. The theory offered here does just this. Fairness Broome lotteries claims In this article I present a theory of what it is to be fair. I take my cue from Broome’s well-known 1990 account of fairness. Broome’s basic...

.... We conducted two experiments to determine how rationally subjects behave with and without price feedback in a second-price auction. Results from an auction for lotteries show that subjects exposed to price feedback are significantly more likely to commit preference reversals. However...

... is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model ( https://dbpia.nl.go.kr/journals/pages/open_access/funder_policies/chorus/standard_publication_model ) Summary In the statistical and economics literature on lotteries, the problem of designing...

...:https://dbpia.nl.go.kr/journals/pages/open_access/funder_policies/chorus/standard_publication_model ) Summary This paper outlines the build-up of the National Lottery launch, from the government 1992 white paper, the subsequent Parliamentary procedures leading to the National Lottery Act, the choice of Camelot...

...:https://dbpia.nl.go.kr/journals/pages/open_access/funder_policies/chorus/standard_publication_model ) Summary The limitations of survey data for monitoring the National Lottery are discussed, including problems of recording expenditure on the National Lottery. Data from the Family Expenditure Survey are used...

... under the terms of the Oxford University Press, Standard Journals Publication Model ( https://dbpia.nl.go.kr/journals/pages/open_access/funder_policies/chorus/standard_publication_model ) Summary Some methods to test the randomness of the numbers drawn in the UK National Lottery are described...

... tickets being chosen by players in the UK National Lottery. As data, we used the numbers of winners in the three-, four- and five-match categories and the total number of tickets sold in each of the first 113 draws. We have computed the marginal distributions for players choosing single numbers and pairs...

...Ziv Bar-Shira C520 expected utility hypothesis lotteries nonparametric test Abstract A nonparametric test of the expected utility hypothesis is developed in this paper. The expected utility hypothesis is shown to hold if there exists a feasible solution to a particular system of linear...

...The state lottery in the eighteenth century was a striking success, both as a support to public finance and as a financial product. This chapter seeks to explain this success, but also examine who adventured in the lottery and with what motivations. Systematic data on purchase of tickets is sparse...

...Figure 2.1. William Hogarth The South Sea Bubble (L, 1721). From Collection of the Author. Figure 2.2. The Lottery: Or, The Characters of several ingenious designing Gentlewomen that have put into it (L, 1740). Reproduced by permission of © Trustees...

...The French lottery of this book was unusual in scale and in the type of risk accepted by the state, but it did have antecedents. The main other types of lotteries that were held in Europe before 1750 are reviewed, as is the French experience with experimental approaches to finance, including John...

..., will make the group smarter. The argument further translates into a defense of descriptive representation and the selection of representatives through random lotteries rather than election. cognitive artifacts deliberation inclusive Dewey John epistemic argument for democracy Hong Lu individual...

... regard for the long-term public interest. An early wave of nineteenth-century amendments prohibited legislatures from chartering or operating lotteries. In the mid-nineteenth century, amendments prevented legislatures from investing in banks and other corporations and undertaking internal improvement...

...This chapter explores the emergence of state lotteries during the 1960s and 1970s. With police authority to arrest known gamblers on sight now curbed by the Supreme Court, police officials in New York and elsewhere sought to be relieved of the burden of gambling enforcement. Government lotteries...