The Demand for Lotto: The Role of Conscious Selection
乐透彩票需求:主动选号的作用AI 解读 ↓
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AI 根据所提供的论文材料归类:摘要通过主动选号与逆供给关系识别彩票需求弹性,直接涉及需求和供给的经济结构估计。
乐透彩票需求:主动选号的作用AI 解读 ↓
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This article presents estimates of the elasticity of demand for lottery tickets using time series data in which there is variation in the expected value of a lottery ticket induced by rollovers. An important feature of our data is that there are far more rollovers than expected given the lottery design. We find strong evidence that individuals do not choose their lottery numbers uniformly from a uniform distribution—that is, conscious selection. We use our estimates to derive the inverse supply function for the industry, and this enables us to identify the demand elasticity. We find the price elasticity to be close to unity, which implies that the operator is revenue maximizing—which is the regulator's objective.