题目：What drives chinese lottery purchase behaviors? A behavior explanation
摘要：The traditional literature uses either the expected return of each lottery ticket or the jackpot size to explain the variation in lottery demand. However, we first prove that in China’s lottery practice, due to a unique cap policy which limits the grand prize, both of these two factors remain almost fixed while the lottery demand fluctuates significantly. In other words, these two standard theories cannot explain Chinese lottery demand.Then, by exploiting a unique individual level Chinese lottery betting panel data, we show that Chinese lottery players are influenced by some random shock factors which should not drive people to bet if people are fully rational. We further propose a behavioral model to explain it.