Editing Premium Bonds (section)

==Academic studies==
In 2008, two financial economists, Lobe and Hoelzl, analysed the main driving factors for the immense marketing success of Premium Bonds. One in three Britons invest in Premium Bonds. The thrill of gambling is significantly boosted by enhancing the [[skewness]] of the prize distribution. However, using data collected over the past fifty years, they found that the bond bears relatively low risk compared to many other investments.<ref>{{cite journal|ssrn=992794 |title=SSRN-Why are British Premium Bonds so Successful? The Effect of Saving With a Thrill by Sebastian Lobe, Alexander Hölzl |publisher=Papers.ssrn.com |date=19 March 2008 }}</ref>

[[Aaron Brown (financial author)|Aaron Brown]] discusses in a 2006 book Premium Bonds in comparison with [[equity-linked note|equity-linked]], commodity-linked and other "added risk" bonds.<ref>[[Aaron Brown (financial author)|Aaron Brown]], ''The Poker Face of Wall Street'', John Wiley & Sons, 2006.</ref> His conclusion is that it makes little difference, either to a retail investor or from a theoretical finance perspective, whether the added risk comes from a random number generator or from fluctuations in financial markets.