We study a class of two-player normal-form games with cyclical payoff structures. A game is called circulant if both players' payoff matrices fulfill a rotational symmetry condition. The class of circulant games contains well-known examples such as Matching Pennies, Rock-Paper-Scissors, as well...

We demonstrate that lottery markets can exhibit the “hot-hand” phenomenon, in which past winning numbers tend to receive a greater share of the bets in future draws, even though past and future events are independent. This finding is surprising, as works by Clotfelter and Cook (1993) and...