The Expected Value of Lotto when not all Numbers are Equals

J Simon

Economics Working Papers from European University Institute

Abstract: The expected value of a lotto ticket depends on the particular numbers selected on the payslip. This is because the individual prizes are not fixed in advance; instead, a prize pool is divided between all the players with winning tickets. This means that if you choose a populare set of numbers, your share of the prize will be low, should yoy win. In this paper, I posit a group of "rational" players, who choose their numbers randomly but specifically avoid the superstitious numbers.

Keywords: ECONOMETRICS (search for similar items in EconPapers)
JEL-codes: C7 D81 (search for similar items in EconPapers)
Pages: 18 pages
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:eui:euiwps:eco97/01

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