Concept explainers
The “lucky store effect” in lottery ticket sales. In the American Economic Review (Vol. 98, 2008), University of Chicago researchers investigated the lucky store effect theory in lottery ticket sales, i.e., the theory that a lottery retail store that sold a large-prize-winning ticket will experience greater ticket sales the following week. The researchers examined the weekly ticket sales of all 24,400 active lottery retailers in Texas. The analysis showed that "the week following the sale of [a winning Lotto Texas ticket], the winning store experiences a 12 to 38 percent relative sales increase. . . . ”Consequently, the researchers project that future winning lottery retail stores will experience the lucky store effect. Is this study an example of descriptive statistics or
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Statistics for Business and Economics (13th Edition)
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