Saving whilst Gambling: An Empirical Analysis of U.K. Premium Bonds

Saving whilst Gambling: An Empirical Analysis of U.K. Premium Bonds

For over three centuries and across the globe, lottery-linked savings (LLS) programs have offered individuals the opportunity to save, and in lieu of paying traditional interest, have given savers periodic chances to win money or prizes. Despite their long history, LLS programs are relatively unstudied by scholars. In this paper, Tufano details a LLS program that the U.K. government has continuously offered since 1956, the U.K. Premium Bond (PB) program.

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