Abstract
THE MARKET LOTTERIES State Lotteries are increasingly turned to by governments as a complement to tax-based forms of revenue generation. This dlssertatlon is mainly concerned with providing a positive theory of lot-tery supply in the framework of recently develeped weighted utility preferences. This dissertation studies two forms of lotteries - fixed-prize sweepstakes and numbers game and provides implications on lottery design. An analysis of outcomes of the duopoly lottery market is also offered. This dissertation also investigates the coexistence and general equilibrium of the lottery market and asset market.