This paper examines sales patterns in the first three years of the UK National Lottery in order to estimate price elasticity of demand. Our long-run estimate is very close to the value of minus one required for revenue maximization. We find that the UK Government has succeeded in setting a...

This paper uses national data for the period 1960 to 2000 to estimate an aggregate private consumer demand for pharmaceuticals in the U.S. The estimated demand curve is then used to simulate the value of consumer surplus gains from a drug price control regime that holds drug price increases to...

No study to date has empirically explored the characteristics associated with the market demand for real estate services. This study uses microeconomic theory and a panel data set of metropolitan statistical areas (MSAs) in the United States to uncover elasticity estimates of the market demand...