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Session 3-4-C: Are Lottery Players Affected By Random Shocks? Evidence From China’S Individual Lottery Betting Panel Data, Jia Yuan
International Conference on Gambling & Risk Taking
I explore a unique, individual level, lottery betting panel data and show that lottery gambling is significantly affected by lottery winning history even though this winning history is shown to be merely an exogenous random shock. This panel data records lottery players’ collective lottery betting behaviors on a Chinese online lottery purchase website. This website lists each player’s lottery investment performance, the ratio between the lottery return and the lottery investment in the past three months, for lottery players’ reference and this ratio is shown to be an independent random shock across players. Based on the data with around 400,000 …