Reference Lecture 20: more than a question for the board here but a comment. As for an empirical look at Lottery spending, the easiest way to look at them is to follow the dollars. Where are most of the tickets bought/sold. Convenience or Liquor Stores? So perhaps all that you are really getting is a substitution effect. I’ve got $8.00 I’m going to spend on liquor tonight. I’m willing to spend $2.00 on some lottery tickets and if I win then I’m going to buy a 12 pack and if I lose then I will still have enough for a 6 pack. Or, more like, I already bought a 6 pack of beer and I’m going
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