English, Article, Journal or magazine article edition: Raising Revenue With Raffles: Evidence from a Laboratory Experiment Alexander Matros; Wooyoung Lim; Theodore Turocy

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Bookmark: http://trove.nla.gov.au/version/68977
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Raising Revenue With Raffles: Evidence from a Laboratory Experiment
Author
  • Alexander Matros
  • Wooyoung Lim
  • Theodore Turocy
Physical Description
  • preprint
Notes
  • Lottery and raffle mechanisms have a long history as economic institutions for raising funds. In a series of laboratory experiments we find that total spending in raffles is much higher than Nash equilibrium predicts. Moreover, this overspending is persistent as the number of participants in the raffle increases. Subjects as a group do not strategically reduce spending as group sizes increase, in contrast to the comparative statics theory provides. The lack of strategic response cannot be explained by learning direction theory or level-$k$ reasoning models, although quantal response equilibrium can fit the observed distribution of choices. Much of the observed spending levels in the larger groups cannot be explained by financial incentives.
  • RePEc:pit:wpaper:377
Language
  • English
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