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政大機構典藏 > 社會科學學院 > 經濟學系 > 會議論文 > Item 140.119/23013

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/23013

Title:	Agent-Based Modeling of Lottery Markets
Authors:	陳樹衡 Chen, Shu-heng;Chie, Bin-Tzong
Keywords:	Lotteries;Genetic Algorithms;Adaptive Agents;Agent-Based Computational Modeling;Lottery Designs
Date:	2003-03
Issue Date:	2009-01-09 11:21:39 (UTC+8)
Abstract:	The lottery market modeled in this study cannot be explained by the conventional rational expectation approach. Clarifying lottery market behaviors is a daunting task. We apply an agent-based computational modeling technique in which each agent is modeled as autonomous with his or her own perceptions and actions. The objective is to use three empirical observations in lottery markets ⎯ the halo effect or lottomania, conscious selection of betting numbers, and aversion to regrets ⎯ to examine the effects of the lottery takeout rate on its revenue. Initial results show the Laffer curve, which indicates the existence of an optimal lottery takeout rate or range. This finding provides some insights to the empirical averaged rate for the 25 lottery markets examined.
Relation:	No 155, Computing in Economics and Finance 2003 from Society for Computational Economics
Data Type:	conference
Appears in Collections:	[經濟學系] 會議論文

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