This study examines the simultaneous response of both stock and bond market returns to changes in the CBOT 30-day federal funds futures rate. It is found that changes in the federal funds futures rate are negatively related to both stock and bond returns. It is also found that positive and...

Addresses the issue of substitution among the two most prominent forms of gambling, lotteries and thoroughbred racing. Focuses on the impact of lotteries on the demand for wagering at thoroughbred racetracks because thoroughbred horseracing generates more tax revenue than other non-lottery types...

This paper examines sales patterns in the first three years of the UK National Lottery in order to estimate price elasticity of demand. Our long-run estimate is very close to the value of minus one required for revenue maximization. We find that the UK Government has succeeded in setting a...

The paper analyses UK data, collected from the Family Expenditure Survey, for over 6000 households. The focus is on participation in, and level of expenditure on, the national lotto game. Controlling for standard demographic, socio-economic and income variables, and some non-standard lifestyle...

This paper estimates the aggregate demand for private health insurance coverage in the U.S. using an error-correction model and by recognizing that people are without private health insurance for voluntary, structural, frictional, and cyclical reasons and because of public alternatives....