individual investor trading and lottery buying. We establish five key findings. First, when the jackpot exceeds 500 million …. Second, our approach reveals that the substitution effect is stronger among stocks with lottery features, with a decline in … effect increases monotonically with the jackpot. Fourth, firm-level trading activity reacts negatively to lottery drawings …

separate lottery agencies to administer and promote the games. One statutory duty of many lottery agencies is to maximize the … as the distaste for the state government's promotion of lottery. Existing literature suggests that the marginal … additional advertising dollar increases lottery sales, we examine quasi-experiments in three states (Illinois, Washington, and …

. Chapter three shifts the interests to the lottery mechanism for rationing public resources. It characterizes the optimal … and welfare equivalency propositions across lottery institutions. Finally, the numerical simulations strongly support the …