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Optimal Operation of Public Lotteries

Author

Listed:
  • Arnon Perry

    (Graduate School of Business, Tel-Aviv University)

  • Richard M. Soland

    (Institut d'Administration des Entreprises, Université de Droit, d'Economie et des Sciences d'Aix-Marseille and College of Business Administration, The University of Texas at Austin)

Abstract

Public lotteries form an important source of revenue for many national and state governments, but little quantitative effort has been applied to their efficient operation. We here formulate a model in which the net revenue per unit time from the operation of a lottery depends upon the prizes offered, the price charged per ticket, and the time interval between successive drawings. The model is solved for the optimal values of these decision variables, and some illustrative numerical results are presented.

Suggested Citation

  • Arnon Perry & Richard M. Soland, 1975. "Optimal Operation of Public Lotteries," Management Science, INFORMS, vol. 22(4), pages 461-469, December.
    • Handle: RePEc:inm:ormnsc:v:22:y:1975:i:4:p:461-469
    DOI: 10.1287/mnsc.22.4.461
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    Cited by:

    1. Takahiro, Watanabe, 1997. "A parimutuel system with two horses and a continuum of bettors," Journal of Mathematical Economics, Elsevier, vol. 28(1), pages 85-100, August.

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