The summary of this article suggests that it throws some light on the
nature of dreams of well in a capitalist society.
"Lotteries, Liberty, and Legislatures"
BY: LLOYD R. COHEN
George Mason Law School
Document: Available from the SSRN Electronic Paper Collection:
http://papers.ssrn.com/paper.taf?abstract_id=210008
Paper ID: George Mason Law & Economics Working Paper No. 00-01
Date: February 2000
Contact: LLOYD R. COHEN
Email: Mailto:[EMAIL PROTECTED]
Postal: George Mason Law School
3401 N. Fairfax Drive
Arlington, VA 22201 USA
Phone: (703) 993-8048
Paper Requests:
Contact Allen Moye, Associate Director for Public Services,
George Mason University School of Law Library, 3401 North
Fairfax Drive, Arlington, VA 22201. Phone:(703)993-8062.
Fax:(703) 993-8113. Mailto:[EMAIL PROTECTED]
ABSTRACT:
The central purpose of this paper is to show that lottery play
is not economically irrational and uninformed. The paper
presents a theory of lottery tickets not as misguided inputs
into wealth production as some critics believe but as valuable
inputs in creating a sense of open-ended possibility,
specifically the possibility of escaping one's current life by
acquiring great wealth. In the course of the discussion the
claim that the lottery is a regressive tax is investigated and a
variety of empirical predictions are generated as to patterns of
purchase both across groups and by individuals. Finally the
insights gained from the earlier discussion are employed as a
springboard to reground the normative use of the assumption of
rational utility maximization.
JEL Classification: H29
--
Michael Perelman
Economics Department
California State University
[EMAIL PROTECTED]
Chico, CA 95929
530-898-5321
fax 530-898-5901
