We analyze the existence of preferred numbers on the French Lotto market and prove that this market is not strongly efficient in the sense of Thaler & Ziemba (1988). The preference for low numbers is investigated by means of stochastic dominance tests. The specific features of the French Lotto...

Though simple and appealing, mean-variance portfolio choice theory does not describe actual diversi fication choices by investors, especially their propensity to gamble and the solvency constraints they face. Using 8 million trades realized by 90,000 individual investors, we show that diversifi...

In this article, a simple paper-and-pencil experiment, based on lottery bonds, shows that financial decisions taken by participants are inconsistent with the traditional view of economic agents as risk averse expected utility maximizers. First, our results cast doubt on the relevance of variance...

The success of a lottery product is essentially linked to the design of the game, that is the structure of prizes offered to players, and the competitive universe of betting markets in which it is embedded. In this paper, we analyze the quot;deathquot; of the French 6/49 lotto in October 2008...