PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2016 | 4 | nr 1 Contemporary Innovations and Management Challenges | 55--70
Tytuł artykułu

Patterns in the Lottery Game

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The present study is based on the analysis and results of a close to 5 years' study in the frame which we used a "Lottery Game" in the "Decision Making Skills" subject taught at Corvinus Business School, Corvinus University of Budapest. In the frame of the "game", the students (Hungarians (n=231) and foreigners (n=267) alike) have to mark 6 numbers on a 7x7 lottery ticket. The winner is the student whose numbers differ the most from those of all the other students'. Upon analyzing the results (irrespectively of nationality) the authors have noted something notable: the winning combinations - rather than being located randomly on the ticket, characteristically resemble a geometric form. In our study we wanted to detect the relevance of geometry in this kind of choices. It is hypothesized that in such games (lottery type, related to numeric combination choice), where the players decide upon their strategy (choice of numbers) by also taking into consideration others' expected choices, the winning strategy is characteristically some consciously chosen scheme or pattern as opposed to a random one. The study presents the results of the available samples (Hungarian students: n=231, foreign students: n=267), the winning combinations, the most often designated numbers, as well as the least "popular" numbers and their presentation on a "heat map". In the case of the majority of the winning tickets we found the use of conscious strategic choice to be more useful. These conscious strategic decisions were reflected in identifiable geometric forms. Based on the results, we hypothesize that in the "hidden lottery" game - in contrast with random choice - the most effective strategy of choice is the conscious ordered one in which the player marks the numbers on the lottery ticket in some modified geometric pattern. The goal of the paper is to propose further research on the field. (original abstract)
Rocznik
Tom
4
Strony
55--70
Opis fizyczny
Twórcy
  • Corvinus University of Budapest, Hungary
  • Corvinus University of Budapest, Hungary
Bibliografia
  • Ayton, P. and Reimers, S. (2015), How to be a loser when you win: Lucky numbers, lucky stores, edge aversion, proximity aversion and lottery choices, SPUDM25 Conference presentation.
  • Clotfelter, C. and Cook, P. (1991), Lotteries in the real world, Journal of Risk and Uncertainty 3: 227-232.
  • Clotfelter, C. and Cook, P. (1993), The 'gambler's fallacy' in lottery play, Management Science 39: 1521-1525.
  • Farrell, L., Lanot, G., Hartley, R. and Walker, I. (2000), The demand for lotto: the role of conscious selection, Journal of Business and Economics Statistics 18: 228-241.
  • Gianella, R. (2013), The geometry of chance: Lotto numbers follow a predicted pattern, Revista Brasileira de Biometria 31(4): 582-597, available at: http://jaguar.fcav.unesp.br/RME/fasciculos/v31/v31_n4/A7_RGiarelli.pdf (accessed 01 March 2016).
  • Gilovich, T., Vallone, R. and Tversky, A. (1985), The hot hand in basketball: on the misperception of random sequences, Cognitive Psychology 17: 295-314.
  • Goodman, J.K. and Irwin, J.R. (2006), Special random numbers: beyond the illusion of control, Organizational Behavior and Human Decision Processes 99: 161-174, available at: http://ssrn.com/abstract=1334319 (accessed 01 March 2016).
  • Grote, K.R. and Matheson, V.A. (2011), The economics of lotteries: a survey of the literature, Working Paper, available at: http://college.holycross.edu/RePEc/hcx/Grote-Matheson_LiteratureReview.pdf (accessed 01 March 2016).
  • Hauser-Rethaller, U. and Köning, U. (2002), Parimutuel lotteries: Gamblers' behaviour and the demand for tickets, German Economic Review 3: 223-245.
  • Henze, N. (1997), A statistical and probabilistic analysis of popular lottery tickets, Statistica Neerlandica 51: 155-163.
  • Jørgensen, C.B., Suetens, C. and Tyran, J.R. (2011), Predicting lotto numbers, Working Paper.
  • Kendall, C. (2010), The Gambler's and hot-hand fallacies: a heuristic model, Psychology of Addictive Behaviors 15(2): 155-158.
  • Kong, Q., Lambert, N.S., Chung-Piaw T. (2013), Judgment error in lottery play: when the hot-hand meets the Gambler's fallacy, available at: http://web.stanford.edu/~nlambert/papers/judgment_Nov_2013.pdf (accessed 01 March 2016).
  • Mérő, L. (2007), Mindenki másképp egyforma, Budapest: Tercium.
  • Oxford Dictionaries (2015), Random, available at: http://www.oxforddictionaries.com/definition/english/random (accessed 01 March 2016).
  • Papachristou, G. (2004), The British Gambler's fallacy, Applied Economics 36(18): 2073-2077.
  • Perez, L. (2009), The state of empirical research on the demand for lottery, Economic Discussion Paper, available at: www.uniovi.es/economia/edp.htm (accessed 01 March 2016).
  • Potter van Loon, R.J.D, Van den Assem, M.J., Van Dolder, D. and Wang, T.V. (2015), Number preferences in lotteries, available at: http://ssrn.com/abstract=2657776 (accessed 01 March 2016).
  • Rabin, M. (2002), Inference by believers in the law of small numbers, Quarterly Journal of Economics 117(3): 775-816.
  • Rabin, M. and Vayanos, D. (2010), The Gambler's and hot-hand fallacies: theory and applications, Review of Economic Studies 77(2): 730-778.
  • Roger, P. and Broihanne, M. (2007), Efficiency of betting markets and rationality of players: evidence from the French 6/49 lotto, Journal of Applied Statistics 34: 645-662.
  • Terrell, D. (1994), A test of the Gambler's fallacy: evidence from pari-mutuel games, Journal of Risk and Uncertainty 8(3): 309-317.
  • Tversky, A. and Kahneman, D. (1971), Belief in the law of small numbers, Psychological Bulletin 76(2): 105-110.
  • Tversky, A. and Kahneman, D. (1974), Judgement under uncertainty: heuristics and biases, Science 185: 1124-1131.
  • Walker, I. (1998), The economic analysis of lotteries, Economic Policy 13: 359-392.
  • Wikipedia (2015), Randomness, available at: https://en.wikipedia.org/wiki/Randomness (accessed 01 March 2016).
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171413495

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.