Evaluation of individual behaviors in the scope of lottery and games of chance activities in the framework of classical economics and behavioral finance

When the criticisms of classical economics views are examined, it is seen that there are claims that they are insufficient to explain individual behaviors. The fact that classical economics views ignore psychological factors, especially when describing the decision-making behavior of individuals, has been influential in the emergence of behavioral finance principles. In this study, based on lottery and games of chance activities, the decision-making behaviors of individuals were evaluated with the principles of classical economics and behavioral finance. The possible decision- making behaviors of the participants of lottery and games of chance under uncertainty and risk, how individuals are affected by the audience they are in, the way individuals interpret the available information, and the mass decision-making behaviors were examined. In the examination, the participation behaviors of individuals based on official data on these activities were compared with the principles of classical economics and behavioral finance., As a result of the study, it was found that some individual behaviors, which classical economics views are insufficient to explain, can be explained by behavioral finance principles, and that the participants of lottery and chance games and investors who trade in the financial market have similar prejudices.