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Apart from offering hope, lotteries might not seem to have much to do with the current financial crisis, or with economic history more generally, but they do, as is outlined in an insightful and entertaining new book, A World of Chance, co-written by McGill economist Reuven Brenner, his wife, Gabrielle A. Brenner, an associate professor at the Ecole des Hautes Etudes Commerciales in Montreal, and Aaron Brown, a risk manager for AQR Capital Management, based in Greenwich, Conn.

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