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

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Title

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

Content partner

University of Canterbury Library

Collection

UC Research Repository

Description

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...

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Format

Research paper

Research format

Working or discussion paper

Date created

2010

Creator

Hogan, S. / Meriluoto, L.

URL

http://hdl.handle.net/10092/5423

Related subjects

binomial distribution / binomial theorem / lottery / Commerce, management, tourism and services / Banking, finance and investment / Investment and risk management / Mathematical sciences / Statistics / Probability theory / Economics / Econometrics / Econometric and statistical methods

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You can learn more about the rights status of this item at: https://hdl.handle.net/10092/17651

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