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dc.contributor.authorDiecidue, Enricoen_US
dc.contributor.authorSchmidt, Ulrichen_US
dc.contributor.authorWakker, Peter P.en_US
dc.date.accessioned2009-12-11T15:10:44Z-
dc.date.available2009-12-11T15:10:44Z-
dc.date.issued2004en_US
dc.identifier.citation29 3 241-259 Journal of risk and uncertainty : JRU 0895-5646en_US
dc.identifier.pidoi:10.1023/B:RISK.0000046145.25793.37en_US
dc.identifier.urihttp://hdl.handle.net/10419/28880-
dc.description.abstractThe utility of gambling, which entails an intrinsic utility or disutility of risk, has been alluded to in the economics literature for over a century. This paper demonstrates that any utility of gambling almost unavoidably implies a violation of fundamental rationality properties, such as transitivity or stochastic dominance, for static choices between gambles. This result may explain why the utility of gambling, a phenomenon so widely discussed, has never been formalized in the economics literature. The model of this paper accommodates well-known deviations from expected utility, such as the Allais paradox and the coexistence of gambling and insurance, while minimally deviating from expected utility.en_US
dc.language.isoengen_US
dc.subject.ddc330en_US
dc.subject.keywordcertainty effecten_US
dc.subject.keywordutility of gamblingen_US
dc.subject.keywordrisk aversionen_US
dc.subject.keywordnonexpected utilityen_US
dc.subject.stwGlücksspielen_US
dc.subject.stwErwartungsnutzenen_US
dc.subject.stwRationales Verhaltenen_US
dc.subject.stwTheorieen_US
dc.titleThe utility of gambling reconsidereden_US
dc.typeArticleen_US
dc.identifier.ppn475555368en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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