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Buying a dream: alternative models for demand for lotto

Forrest, DK, Simmons, R and Chesters, N 2002, 'Buying a dream: alternative models for demand for lotto' , Economic Inquiry, 40 (3) , pp. 485-496.

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Abstract

Existing lotto demand models utilize effective price, computed as the face value of a ticket minus the expected value of prize money per ticket, as their primary explanatory variable. By contrast, this article proposes a key role for consumption benefit or "fun" in the demand for gambling in general and lotto demand in particular. It develops an alternative model of lotto demand that focuses on the maximum possible prize. When this is tested against the traditional model using data from the U.K. National Lottery, we find that jackpot considerations exert an influence over and above that of variations in effective price.

Item Type: Article
Themes: Subjects / Themes > G Geography. Anthropology. Recreation > GV Recreation Leisure
Subjects / Themes > H Social Sciences > HF Commerce > HF5001 Business
Subjects outside of the University Themes
Schools: Colleges and Schools > College of Business & Law > Salford Business School > Centre for Sports Business
Journal or Publication Title: Economic Inquiry
Publisher: Blackwell Publishing
Refereed: Yes
ISSN: 00952583
Depositing User: H Kenna
Date Deposited: 23 Oct 2007 13:45
Last Modified: 20 Aug 2013 16:50
URI: http://usir.salford.ac.uk/id/eprint/814

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