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April 10, 2015 Some Investors Would Just as Soon Play the Lottery as the Market For certain investors, the excitement of playing the stock market is a lot like the excitement of playing the lottery, and one activity can substitute for the other, Anne Jones Dorn and two colleagues write in Management Science. In a study of Powerball and Mega Millions lotteries in the U.S., the researchers found that doubling the jackpot size is associated with a 0.6% drop in small-trade stock-market participation relative to its average level. The results suggest that for some people, thrill-seeking underlies both activities. SOURCE: Trading as Gambling

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