教師資料查詢 | 類別: 期刊論文 | 教師: 田峻吉 TIEN, JYUN-JI (瀏覽個人網頁)

標題:Willingness to pay and the demand for lotto
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
語言英文
ISSN0003-6846
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
國別英國
公開徵稿
出版型式紙本
相關連結
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