期刊論文

學年 94
學期 2
出版(發表)日期 2006-06-01
作品名稱 Willingness to pay and the demand for lotto
作品名稱(其他語言)
著者 Wang, Jen-Hung; Tzeng, Larry Y.; Tien, Junji
單位 淡江大學保險學系
出版者 Abingdon: Routledge
著錄名稱、卷期、頁數 Applied Economics 38(10), pp.1207-1216
摘要 Why do many bettors participate in an unfair gamble, in particular a lotto game, while at the same time purchase insurance? The willingness-to-pay for lotto is analysed to find a ‘rational’ explanation for a (local) risk-averter's participation in an unfair bet. A reasonable case is found where bettors’ preference can be approximately characterized as a locally risk-averse and sufficiently prudent cubic function. Such bettors dislike risk but prefer standard third moment of the payoff. The result suggests that the traditional effective price for lotto demand may omit important explanatory variables. We thus propose an alternative method to examine the demand for lotto by incorporating the second and the third moments of lotto's payoff. Evidence from Taiwan Lotto data supports that lotto bettors could be both (locally) risk-averse and rational.
關鍵字
語言 en
ISSN 0003-6846
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者 Tzeng, Larry Y.
審稿制度
國別 GBR
公開徵稿
出版型式 紙本
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