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    A Note on the Probability of Winning a Lottery when the Number of Competitors is a Binomial Random Variable (2010)

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    Type of Content
    Discussion / Working Papers
    UC Permalink
    http://hdl.handle.net/10092/5423
    
    Publisher
    College of Business and Economics
    University of Canterbury. Department of Economics and Finance
    Collections
    • Business: Working Papers [193]
    • Working Papers in Economics [142]
    Authors
    Hogan, S.
    Meriluoto, L.
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    Abstract

    Consider a model in which a consumer faces a lottery with j other people for a prize, so that the probability of winning the prize is 1/(j+1). Now let j be a random variable, determined by the binomial distribution. Specifically, let there be n potential competitors for the consumer in the lottery, each with an independent probability of pi of being a competitor. In this note, we show how the resulting expression for the expected value of 1/(j+1) using binomial probabilities can be simplified by means of the binomial theorem.

    Citation
    Hogan, S., Meriluoto, L. (2010) A Note on the Probability of Winning a Lottery when the Number of Competitors is a Binomial Random Variable. Department of Economics and Finance. 4pp..
    This citation is automatically generated and may be unreliable. Use as a guide only.
    Keywords
    binomial distribution; binomial theorem; lottery
    ANZSRC Fields of Research
    35 - Commerce, management, tourism and services::3502 - Banking, finance and investment::350208 - Investment and risk management
    49 - Mathematical sciences::4905 - Statistics::490506 - Probability theory
    38 - Economics::3802 - Econometrics::380202 - Econometric and statistical methods
    Rights
    https://hdl.handle.net/10092/17651

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