A Winner's Mean Earnings in Lottery and Inverse Moments of the Binomial Distribution

Konstantinos Drakakis

Journal of Probability and Statistics, 2010, vol. 2010, 1-16

Abstract:

We study the mean earnings of a lottery winner as a function of the number ð ‘› of participants in the lottery and of the success probability ð ‘ . We show, in particular, that, for fixed ð ‘ , there exists an optimal value of ð ‘› where the mean earnings are maximized. We also establish a relation with the inverse moments of a binomial distribution and suggest new formulas (exact and approximate) for them.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnljps:279154

DOI: 10.1155/2010/279154

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