SAGE Reference - Encyclopedia of Medical Decision Making

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Lottery

In: Encyclopedia of Medical Decision Making
Edited by: Michael W. Kattan
Subject:Medical Decision Making
Keywords:lotteries; lottery

In today's general parlance, the term lottery is used to refer to a type of gambling where there is a small (even infinitesimally small) chance for a gain and a large (even exponentially large) chance for an individual losing. In economic parlance, a lottery is a situation that involves an uncertain payoff. Consideration of lotteries by economists has generated many questions related to decision-making behavior in humans. This entry discusses the relationship of lotteries and auctions to human decision making, particularly medical decision making.

Decision-Making Behavior

The purchase of lottery tickets has been used in decision theory to illustrate the example of individuals with risk-seeking tendencies or attitudes in economic models of decision making. This is because a risk-seeking individual may be willing to purchase a lottery ...

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  Kattan, M. W. (2009). Lottery. In Encyclopedia of medical decision making (Vol. 1, pp. 689-690). SAGE Publications, Inc., https://dx.doi.org/10.4135/9781412971980.n206
  
  Kattan, Michael W. "Lottery." In Encyclopedia of Medical Decision Making, edited by Kattan, Michael W., 689-90. Thousand Oaks, CA: SAGE Publications, Inc., 2009. https://dx.doi.org/10.4135/9781412971980.n206.
  
  Kattan, M. W. 2009. Lottery. In: Michael W. Kattan Editor, 2009. Encyclopedia of Medical Decision Making, Thousand Oaks, CA: SAGE Publications, Inc. pp. 689-690 Available at: <https://dx.doi.org/10.4135/9781412971980.n206> [Accessed 19 May 2022].
  
  Kattan, Michael W. "Lottery." Encyclopedia of Medical Decision Making. Edited by Vol. 1. Thousand Oaks: SAGE Publications, Inc., 2009, pp. 689-90. SAGE Knowledge. 19 May 2022, doi: https://dx.doi.org/10.4135/9781412971980.n206.
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