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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/28880
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| DC Field | | Value | | Language |
| dc.contributor.author | | Diecidue, Enrico | | en_US |
| dc.contributor.author | | Schmidt, Ulrich | | en_US |
| dc.contributor.author | | Wakker, Peter P. | | en_US |
| dc.date.accessioned | | 2009-12-11T15:10:44Z | | - |
| dc.date.available | | 2009-12-11T15:10:44Z | | - |
| dc.date.issued | | 2004 | | en_US |
| dc.identifier.citation | | 29 3 241-259 Journal of risk and uncertainty : JRU 0895-5646 | | en_US |
| dc.identifier.pi | | doi:10.1023/B:RISK.0000046145.25793.37 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/28880 | | - |
| dc.description.abstract | | The 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.iso | | eng | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | certainty effect | | en_US |
| dc.subject.keyword | | utility of gambling | | en_US |
| dc.subject.keyword | | risk aversion | | en_US |
| dc.subject.keyword | | nonexpected utility | | en_US |
| dc.subject.stw | | Glücksspiel | | en_US |
| dc.subject.stw | | Erwartungsnutzen | | en_US |
| dc.subject.stw | | Rationales Verhalten | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | The utility of gambling reconsidered | | en_US |
| dc.type | | Article | | en_US |
| dc.identifier.ppn | | 475555368 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Economists Online
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