Journal ArticleDOI
The welfare effects of lotto: evidence from the UK
Lisa Farrell,Ian Walker +1 more
TLDR
In this article, the authors estimate the demand for lottery tickets using pooled cross-section data that contain individual incomes and extensive information about characteristics, and use the estimates to evaluate the welfare effects arising from the introduction of the lottery.About:
This article is published in Journal of Public Economics.The article was published on 1999-04-01. It has received 137 citations till now. The article focuses on the topics: Lottery & Income elasticity of demand.read more
Citations
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Journal ArticleDOI
Estimating the effect of unearned income on labor supply, earnings, savings and consumption: Evidence from a survey of lottery players
TL;DR: In this article, the effects of the magnitude of lottery prizes on economic behavior were analyzed using an original survey of people playing the lottery in Massachusetts in the mid-1980's, and the authors found that unearned income reduces labor earnings, with a marginal propensity to consume leisure of approximately 11 percent, with larger effects for individuals between 55 and 65 years old.
Journal ArticleDOI
Trading as Entertainment
Daniel Dorn,Paul Sengmueller +1 more
TL;DR: Among 1,000 German brokerage clients, investors who report enjoying investing or gambling turn over their portfolio at twice the rate of their peers, suggesting nonpecuniary benefits of trading offer a straightforward explanation of the “excessive trading puzzle.”
Journal ArticleDOI
The Substantial Bias from Ignoring General Equilibrium Effects in Estimating Excess Burden, and a Practical Solution
TL;DR: The authors show that the simple "excess burden triangle" formula substantially underestimates the excess burden of commodity taxes, in some cases by a factor of 10 or more, and derive an implementable alternative to the simple formula.
Journal ArticleDOI
Buying a Dream: Alternative Models of Demand for Lotto
TL;DR: In this paper, the authors proposed a model of lotto demand that focuses on the maximum possible prize, which was tested against the traditional model using data from the U.K. National Lottery and found that jackpot considerations exert an influence over and above that of variations in effective price.
References
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Journal ArticleDOI
Sample Selection Bias as a Specification Error
TL;DR: In this article, the bias that results from using non-randomly selected samples to estimate behavioral relationships as an ordinary specification error or "omitted variables" bias is discussed, and the asymptotic distribution of the estimator is derived.
MonographDOI
The Analysis of Household Surveys : A Microeconometric Approach to Development Policy
TL;DR: Deaton as mentioned in this paper reviewed the analysis of household survey data, including the construction of household surveys, the econometric tools useful for such analysis, and a range of problems in development policy for which this survey analysis can be applied.
Journal ArticleDOI
The Uses of Tobit Analysis
TL;DR: The authors showed that the coefficients obtained from using Tobit-here called "beta" coefficients -provide more information than is commonly realized and showed that this decomposition can be quantified in rather useful and insightful ways.
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Least absolute deviations estimation for the censored regression model
TL;DR: In this paper, an alternative to maximum likelihood estimation of the parameters of the censored regression (or censored 'Tobit' model) is proposed, which is a generalization of least absolute deviations estimation for the standard linear model, and is also robust to heteroscedasticity.