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|Title:||Do risk-averse lottery players become risk-seeking lottery winners?|
|Publisher:||University of Macedonia, Economic and Social Sciences|
|Abstract:||Models of rational lottery play assume that lottery winners are risk-seekers. Models of skewness preference are not an exception to this. Skewness preference is not, in general, sufficient to make risk-averse individuals play, if one does not assume a risk-seeking attitude at windfall gains. In light of the anecdotal evidence on lottery winners remaining risk-averse, we fear that a consistent theory of rational betting may only have a limited domain of application: that of lottery losers.|
|Appears in Collections:||Festschrift in honour of Maria Negreponti-Delivanis|
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