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Do risk-averse lottery players become risk-seeking lottery winners?

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University of Macedonia   

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Do risk-averse lottery players become risk-seeking lottery winners?
Papachristou, George
Kyritsis, Ioannis
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.
Text
Risk aversion
Skewness preference
Lotteries
Expected utility
University of Macedonia
Psepheda - Digital Library and Institutional Repository
Ιδρυματικό Καταθετήριο/Institutional Repository
Festschrift in honour of Maria Negreponti-Delivanis
Δημοσιεύσεις Πανεπιστημίου Μακεδονίας / University of Macedonia Publications
Τιμητικοί τόμοι / Dedicated volumes
English
2009-11-10T10:29:45Z
2006
http://dspace.lib.uom.gr/handle/2159/13645
University of Macedonia, Economic and Social Sciences



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