lotteries to have a chance of crossing a purchasing threshold. One implication of this is that income effects for individuals … who choose to play lotteries are likely to be larger than for the general population. Using UK data on lottery wins, other … amongst those likely to be credit constrained. This is consistent with credit constrained, risk-averse agents gambling to …

who choose to gamble are likely to be larger than for the general population. Using UK data on gambling wins, other … those likely to be credit-onstrained. This is consistent with credit-constrained, risk-averse agents gambling to convexify …

We analyze one of the explanations why people participate in lotteries. Our hypothesis stipulates that part of the … value that a unit of money buys in lotteries is consumed before the actual resolution in the form of emotions such as hope …

ignored, we find completely differentestimates for ? . We conclude that in the case of lotteries with big prizes a …