Behavioral Economics Analysis on Product Design of Sports Lottery

This paper studies behavioral economics of sports lottery product considering three kinds of conditions including single item of reward, multi-item of reward with equal number and multi-item of reward with increasing number based on cumulative prospect theory. The study indicates that the price for sports lottery increases and the total funds raised increases as the items increasing, and the pricing for sports lottery under multi-item of reward with increasing number condition is very reasonable. The proposed research on the designing and pricing of sports lottery product is of theoretical meaning as well as referential value.