Research On The Influence Of Investor Control Illusion On Lottery Sales Based On Spatial Panel Model

From the perspective of behavioral finance, this paper uses statistical methods to study the 3D and Pick 3 in China and different provinces, in order to analyze to the illusion of control about its manifestations and extent. The results show that 3D has more illusion of control than pick 3, and hot and cold numbers is the most important form of expression. Results in the provinces with hot and cold numbers are not identical, but 0 at three positions are hot numbers. The results of seven provinces overall are consistent. National 3D and Pick 3bothshow a great preference for tripled number. As for gamblers’ fallacy, players show more for tripled number as well, although different provinces have different preferred positions. Wherein 3D players have more gambler’ fallacy for the first position, and Pick 3 more for the middle. Hot hand effect is not so popular in both 3D and Pick 3, players even try to avoid those high- frequency numbers. In the random deviations aspect, Pick 3 has less preference for arithmetic sequence number than 3D, but in parity terms 3D and Pick 3 share the same results, that is, the even numbers are absolutely ―cold‖. The biggest expression of illusion of control in hot and cold numbers while 3D shows more of it. Players’ preference for different positions will change and the illusion of control will be adjusted as time goes by. Besides, this paper also designed a new indicator to tell about the contributions of different expressions of illusion of control. Another discovery is that the sales will decrease if the illusion of control in previous term is high. Two kinds type of lottery sales space measurement results show t hat regional control illusion strength is higher, the lottery and be type of lottery sales volume will increase, and the relations between the two kinds of lottery tickets is complementary benign competition. Digital type of lottery tickets and lotto games lottery is also complementary benign competition, but competition with other types of lottery is an alternative.