Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales
研究发现,售出德州乐透大奖的零售商在随后一周彩票销量相对增长12%至38%,部分增长持续40周,且销量增幅随奖金池增大而增大,在贫困地区更显著。
We show that the week after selling a large-prize Texas Lotto winning ticket, a retailer experiences a 12 to 38 percent relative increase in ticket sales. Some increase persists for up to 40 weeks. We document that the sales response increases with jackpot size and is larger in areas with more economically disadvantaged populations. Sales patterns across games and across retailers are not consistent with most advertising explanations. Furthermore, response patterns are not consistent with representativeness-based explanations for the hot hand or gambler's fallacy; we suggest an alternative explanation for the observed "lucky store" effect.