Holy Cross Professor of Economics Discusses Powerball Lottery

November 29th, 2012 by 

With the Nov. 28 Powerball jackpot climbing to a record $550 million, millions of Americans from 43 states bought lottery tickets in hopes of winning the huge payout. As associate professor of economics Victor Matheson noted in several national news outlets, Powerball is one of the biggest games of complete chance that exists today.

“Teeing up and getting a hole in one, that’s pretty unlikely, right?” asked Matheson, in an on-camera interview with NECN.com. “Now your first shot goes in, a hole in one, and then you go up and take a second shot and that’s a hole in one as well. That’s the same odds of you winning the Powerball,” he continued.

Matheson also discussed both the personal and wider economic impact of the lottery, and in the Christian Science Monitor, he called it ‘a highly regressive tax [that preys] on people who are down on their luck and don’t see any other options to make their life better.”

Speaking to budget issues that state and local governments face every day, Matheson contended that the lottery is essential to bolstering state budgets, but that they would be further boosted if individuals purchased local goods and services.

Read Matheson’s analysis of Powerball:

This ‘Holy Cross in the News’ item by David Cotrone ’13.

| More
Tags
Categories
In The News

Comments are closed.

07/28/16 Local Paper Highlights Holy Cross on Jeopardy
07/26/16 Congressman McGovern Recognizes Chick Weiss’ Career Before Congress
07/26/16 Holy Cross Professors, Alumnae Display Artwork at Local Exhibits
07/21/16 Holy Cross Professors Discuss Economic Uncertainty in the Wake of Brexit
See All
See All
Featured Videos

See video
Video: Total Giving to Holy Cross Breaks Record With $46.7 Million Raised

Watch Video >
See video
Video: Spring Blooms on Holy Cross Campus

Watch Video >
See video
Video: Class of 2016 Shares What’s Next

Watch Video >
See video
‘Major in Anything…Succeed in Business’

Watch Video >
See video
Photo Gallery, Video: Obama Advisor Broderick Johnson ’78 Speaks on ‘My Brother’s Keeper,’ Other White House Initiatives

Watch Video >
See video
Crusaders Win Patriot League Championship

Watch Video >
See video
Men’s Basketball Knocks Off Bucknell In Double Overtime Thriller

Watch Video >
See video
New Webcams Provide Live Video Stream of Campus, Contemplative Center

Watch Video >
See video
Photo Gallery: Contemplative Center Architectural Concepts Come to Fruition

Watch Video >
See video
Video: Winter on the Hill Is All About Making Memories

Watch Video >
More What’s Happening on Campus

Hanify-How

nd Memorial Lecture

See More >
Family Wee

nd 2016

See More >
Family Wee

nd 2016

See More >
Family Wee

nd 2016

See More >
More Holy Cross in the News

07/28/16

Local Paper Highlights Holy Cross on Jeopardy

Telegram & Gazette

The College of the Holy Cross’ 11 appearances on Jeopardy! were featured in the Telegram & Gazette twice in one day last week. In one story, “I’ll take Holy...

07/26/16

Congressman McGovern Recognizes Chick Weiss’ Career Before Congress

In his recent remarks to Congress, Rep. Jim McGovern honored Charles “Chick” Weiss for his 41-year career at College of the Holy Cross and his contributions to the City...

07/18/16

Holy Cross Professor Helps Demystify How America Views Medicated Children

Pacific Standard | The Week

  The Pacific Standard picked the brain of Ara Francis, assistant professor of sociology at the College of the Holy Cross, to myth-bust the way America understands...