Lottomania and other anomalies in the market for lotto

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

“…Beenstock and Haitovsky (2001), Cook and Clotfelter (1993), Walker and Young (2001) and Forrest et al (2002)). The majority of the literature has been concerned to estimate the impact of either jackpot size or the expected price of the lottery on lottery sales.…”

The ‘Who and Why’ of Lottery: Empirical Highlights From the Seminal Economic Literature

“…They also found a direct, positive effect on sales from increases in the announced jackpot and an inverse relationship between sales and the price of a ticket. Beenstock and Haitovsky (2001) extended Shapira and Venezia's (1992) research using data from a later period. Beenstock and Haitovsky (2001) also found that jackpot size increased sales, and that sales declined with ticket price; they also found evidence that consumers prefer a number of smaller prizes, other things equal, based on the addition of a sixth small prize.…”

“…Beenstock and Haitovsky (2001) extended Shapira and Venezia's (1992) research using data from a later period. Beenstock and Haitovsky (2001) also found that jackpot size increased sales, and that sales declined with ticket price; they also found evidence that consumers prefer a number of smaller prizes, other things equal, based on the addition of a sixth small prize. Both papers extend the research of Clotfelter and Cook's (1990) analysis of the effect of changing prices and payoffs on lottery ticket sales, and Quiggin's (1991) analysis of the optimal prize structure in lottery design that questioned whether it is better to have a single prize or multiple prizes.…”

Determinants of Demand for Sports Lottery: Insights from a Multilevel Model

“…The gambling as consumption examined how the attractiveness of the game impact the demand (García and Rodríguez, 2007;Humphreys et al, 2013;Paul and Weinbach, 2013;Mao et al, 2014). From cognitive perspective, previous studies have examined how the possibility of dreaming impact the demand, which was often call as jackpot pool model (Cook and Clotfelter, 1993;Garrett and Sobel, 1999;Forrest et al, 2002) how the rollover induced the lottomania, an excessive demand for lottery (Beenstock and Haitovsky, 2001) and how the heuristics of representation impact the dynamic nature of gambling behavior (Mao et al, 2014) …”