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Why do people play the National Lottery? Can the Expected Utility model of Consumer Choice explain this, While Assuming that Individuals are Rational? Are there Alternative Economic explanations of this?
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| Submitted: Thu Jul 11 2002
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Why do people play the National Lottery? Can the Expected Utility model of Consumer Choice explain this, While Assuming that Individuals are Rational? Are there Alternative Economic explanations of this? The National Lottery was launched in 1994, it is a standard game compared to other lotteries around the world. Players must match X numbers from a choice of M with the numbers drawn randomly, by the lottery operators, from the same set. In the UK it is 6 numbers from 49. Because it was relatively unusual in the UK, this made it very difficult for policy makers to identify possible consumer reactions to the product. Using the economics of uncertainty cannot only justify the playing of the National Lottery. There are also Social aspects that must be looked at. Why would a rational consumer place a bet of £1 on a 14 million to 1 shot to just win 4...
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