Virtually all lottery agencies offer a variety of games to suit the tastes of players in an attempt to maximize revenue to the government. Using the UK National Lottery, which offers a variety of on-line and scratchcard games, the extent to which there is substitution or complementarity between...

This study examines the simultaneous response of both stock and bond market returns to changes in the CBOT 30-day federal funds futures rate. It is found that changes in the federal funds futures rate are negatively related to both stock and bond returns. It is also found that positive and...

This paper examines the response of financial markets to consumer confidence announcements during 1980-93. Several hypotheses are tested to examine the impact of consumer confidence announcements on the conditional mean and the conditional volatility of stock, bond and foreign exchange prices....

The concept of rational expectations has typically been assumed, without testing, in the analysis of consumer demand and market efficiency in betting markets, including betting on lottery games. Lottery games offer an excellent opportunity to test how participants process the information that is...

No, the Fed does not appear to play politics with respect to setting the federal funds rate. We examine the federal funds spot and futures rates to infer the Fed's response to political pressure from partisan politics during election and nonelection years. We find little evidence that political...

The paper analyses UK data, collected from the Family Expenditure Survey, for over 6000 households. The focus is on participation in, and level of expenditure on, the national lotto game. Controlling for standard demographic, socio-economic and income variables, and some non-standard lifestyle...