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1.Peter Bernstein, 1996, Against the Gods: The Remarkable Story of Risk, New York: John Wiley & Sons.
2.This assertion is made in Meir Statman, 2001, “Lottery Traders,” Financial Analysts Journal (in press).
3.Charles Clotfelter and Philip Cook, 1989, Selling Hope: State Lotteries in America, Cambridge: Harvard University Press.
4.“Ponzi, by Any Other Name,” 1993, The Economist, September 18, p. 87.
5.The information about the Albanian pyramids comes from Chris Jarvis, 2000, “The Rise and Fall of the Pyramid Schemes in Albania,” International Monetary Fund Staff Paper, 47(1), pp. 1–29.
6.“Ponzi, by Any Other Name”; see note 4.
7.“Romania: Black Sea Bubble,” 1993, The Economist, December 18, p. 47.
8.Peter Humphrey, 1994, “Pyramid Investment Schemes Are Collapsing Across Romania—Owners in Jail or Hiding From Furious Depositors,” Seattle Times, January 26, p. A8.
9.Adi Ingatius, 1994, “As Pyramid Scheme in Russia Begins to Collapse, Rubble May Trap Many,” The Wall Street Journal, July 17, p. A6.
10.“Russia's Crumbling Financial Pyramid,” The Economist, July 30, p. 67.
11.Fred Kaplan, 1994, “In Russia, Capitalism Booms and Busts: Collapse of MMM Pyramid Scheme Reveals Dangers in Post-Communist Culture,” Boston Globe, July 31, p. 19.
12.Information about the pyramid in Wisconsin comes from Linda Spice, 2001, “$1.1 Million Returned in 'Gift Club' Scam,” Milwaukee Journal Sentinel, April 25.
13.Susan Ince, 2001, “The New Scam that Hits on Women,” Good Housekeeping, July, pp. 63–66.
14.“Bremerton Firm Sued Over Internet 'Scheme',” Seattle Post–Intelligencer, September 20, 2001, p. B3.
15.David Ho, 2001, “$175 Million Pyramid Scheme Alleged,” Seattle Post–Intelligencer, June 19, p. D1.
16.For details on the Omega scam, see Shane Tritsch, 2001, “False Profit,” Chicago, 50(9), September, pp. 134–139.



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