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Full-Text Articles in Social and Behavioral Sciences
U.S. Lotto Markets, Victor Matheson, Kent Grote
U.S. Lotto Markets, Victor Matheson, Kent Grote
Economics Department Working Papers
Lotteries as sources of public funding are of particular interest because they combine elements of both public finance and gambling in an often controversial mix. Proponents of lotteries point to the popularity of such games and justify their use because of the voluntary nature of participation rather than the reliance on compulsory taxation. Whether lotteries are efficient or not can have the usual concerns related to public finance and providing support for public spending, but there are also concerns about the efficiency of the market for the lottery products as well, especially if the voluntary participants are not behaving rationally. …