Mapping the Parameter Space of Simulated Lotteries

Gere István ()
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Gere István: Department of Physics, Babeș-Bolyai University, Cluj-Napoca, 400347, Romania

Journal of Social and Economic Statistics, 2023, vol. 12, issue 2, 38-52

Abstract: This study presents an econophysics based approach to the study of lotteries. By treating lotteries as complex systems we analyse the guiding dynamics of real-world lotteries. We found that the growth of the jackpot, that can be won, between two successive draws is proportional to its preceding value. This growth is best described as a linear function with two parameters a and b reflecting foundational player pool sales and the excitement generated by the current jackpot respectively. A computer simulation considering additional parameters (such as the price of a ticket: s, and the format of the lottery: p) is used to study the statistical features of simulated lotteries covering a vast parameter space. This approach enables us to construct a detailed map of how various parameters influence lottery behaviour by examining the statistical characteristics of the simulated lotteries. The findings emphasize the need for thoughtful pricing strategies in real-world lotteries and suggest that simulations can assist organizers in making informed decisions.

Keywords: econophysics; lottery simulations; computer simulations; complex systems; lottery jackpot dynamics (search for similar items in EconPapers)
JEL-codes: C55 C61 C63 L83 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:jsesro:v:12:y:2023:i:2:p:38-52:n:4

DOI: 10.2478/jses-2023-0008

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