Please use this identifier to cite or link to this item:
http://dspace.lib.uom.gr/handle/2159/13645
Author: | Kyritsis, Ioannis Papachristou, George |
Title: | Do risk-averse lottery players become risk-seeking lottery winners? |
Date Issued: | 2006 |
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. |
Keywords: | Expected utility Lotteries Risk aversion Skewness preference |
Related Identifiers: | http://dspace.lib.uom.gr/handle/2159/13657 |
Appears in Collections: | Festschrift in honour of Maria Negreponti-Delivanis |
Files in This Item:
File | Description | Size | Format | |
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Kyritsis.pdf | 1.81 MB | Adobe PDF | View/Open |
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