Except that the pot size isn’t constrained by the participation of small donors: the CEA donor lottery has fixed pot sizes guaranteed by large donors, and the largest donors could be ~risk-neutral over lotteries with pots of many millions of donors. So there is no effect of this kind, and there is unlikely to ever be one except at ludicrously large scales (where one could use derivatives or the like to get similar effects).
Except that the pot size isn’t constrained by the participation of small donors: the CEA donor lottery has fixed pot sizes guaranteed by large donors, and the largest donors could be ~risk-neutral over lotteries with pots of many millions of donors. So there is no effect of this kind, and there is unlikely to ever be one except at ludicrously large scales (where one could use derivatives or the like to get similar effects).