A Theory of the Gambling E¤ect
نویسندگان
چکیده
This paper presents a model for the “gambling e¤ect,” i.e., the e¤ect that risky gambles are evaluated di¤erently than riskless outcomes due to an intrinsic utility (or disutility) of gambling. The model turns out to violate stochastic dominance and therefore its primary applications will be descriptive. It sheds new light on empirical observations of risk attitudes and provides new insights into the distinction between risky and riskless utility. Journal of Economic Literature Classi...cation number: D81, C60
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تاریخ انتشار 2000