search query: @indexterm Gambling industry / total: 97
reference: 57 / 97
| Author: | Clotfelter, C. Cook, P. |
| Title: | Notes: the "gambler's fallacy" in lottery play |
| Journal: | Management Science
1993 : DEC, VOL. 39:12, p. 1521-1525 |
| Index terms: | GAMBLING INDUSTRY LOTTERIES PROBABILITY |
| Language: | eng |
| Abstract: | This paper provides evidence on the time pattern of lottery participation to see whether actual behaviour is consistent with this fallacy. Using data from the Maryland daily numbers game, the authors find a clear and consistent tendency for the amount of money bet on a particular number to fall sharply immediately after it is drawn, and then gradually to recover to its former level over the course of several months. This pattern is consistent with the hypothesis that lottery players are in fact subject to the gambler's fallacy. |
SCIMA