On the demand for lotteries in Greece

Demand for lotteries has been estimated in several countries, an important issue being whether operators set lottery payouts optimally. The question is tackled by means of a traditional demand equation in effective price and recently by a demand equation variant in jackpots, both specifications indicating that in many countries operators set their payout ratio more or less correctly and slightly on the generous side. The objective of this paper is to provide evidence on the lottery demand parameters in Greece and to assess the optimality of the current payout-allocating rulesdemand elasticity; payout policy

Venture Capital and Innovation in Europe

This paper examines the direction of causality between Venture Capital (VC) and innovation (proxied by patents) in Europe. We test whether causality runs from patents to VC by estimating a linear dynamic panel model and causality from VC to patents by estimating a panel count model. Evidence from a European sample indicates that causality runs from patents to VC suggesting that, in Europe, innovation seems to create a demand for VC and not VC a supply of innovation. In this sense, innovative ideas seem to lack more than funds in EuropeVenture Capital; Dynamic Panel Data; Innovation; Patents

On the demand for lotteries in Greece

Demand for lotteries has been estimated in several countries, an important issue being whether operators set lottery payouts optimally. The question is tackled by means of a traditional demand equation in effective price and recently by a demand equation variant in jackpots, both specifications indicating that in many countries operators set their payout ratio more or less correctly and slightly on the generous side. The objective of this paper is to provide evidence on the lottery demand parameters in Greece and to assess the optimality of the current payout-allocating rule

Venture Capital and Innovation in Europe

This paper examines the direction of causality between Venture Capital (VC) and innovation (proxied by patents) in Europe. We test whether causality runs from patents to VC by estimating a linear dynamic panel model and causality from VC to patents by estimating a panel count model. Evidence from a European sample indicates that causality runs from patents to VC suggesting that, in Europe, innovation seems to create a demand for VC and not VC a supply of innovation. In this sense, innovative ideas seem to lack more than funds in Europ

On the demand for lotteries in Greece

Demand for lotteries has been estimated in several countries, an important issue being whether operators set lottery payouts optimally. The question is tackled by means of a traditional demand equation in effective price and recently by a demand equation variant in jackpots, both specifications indicating that in many countries operators set their payout ratio more or less correctly and slightly on the generous side. The objective of this paper is to provide evidence on the lottery demand parameters in Greece and to assess the optimality of the current payout-allocating rule

Interdependent lotteries and the jackpot model of lottery demand

Bettors may view different gambles either as substitutes or complements. Assuming that the grand prize is the main driver of the demand for multi-prize lottery bets, this paper presents a theory of lottery sales maximization considering possible complementarity or substitutability among different lottery gambles offered by a single operator. Optimal payout ratios are derived accounting not only for interrelation among games but also for their relative popularity. The new profit optimization rule is then applied to a dataset of two Greek lotteries

Is there an adverse effect of uncertainty on Venture Capital? The European evidence

Early-stage and, to a lesser degree, expansion Venture Capital (VC) investment exhibits evident irreversibility characteristics and, according to the irreversibility-delay theory of investment, should thus be sensitive to real and financial uncertainty. The objective of this article is to examine to what extent VC investment is adversely affected by macroeconomic uncertainty on the basis of a European dataset from 1995 to 2005. Our results indicate that price uncertainty and interest rate volatility do not significantly affect European VC finance and that only growth and cost of capital considerations seem to matter.