A Note On The Joint Occurrence Of Insurance And Gambling
AbstractThis note provides a formal justification for the Friedman and Savage nonconcavity in the utility of money. This is based on the possibility of indivisibilities in the consumption possibilities set. A precise characterization of when gambling is optimal (and the optimal type) is provided in one special case. Some possible limitations are considered.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Macroeconomic Dynamics.
Volume (Year): 12 (2008)
Issue (Month): 01 (February)
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- Ljungqvist, Lars & Sargent, Thomas J, 2007.
"Do Taxes Explain European Employment? Indivisible Labour, Human Capital, Lotteries and Savings,"
CEPR Discussion Papers
6196, C.E.P.R. Discussion Papers.
- Lars Ljungqvist & Thomas J. Sargent, 2007. "Do Taxes Explain European Employment? Indivisible Labor, Human Capital, Lotteries, and Savings," NBER Chapters, in: NBER Macroeconomics Annual 2006, Volume 21, pages 181-246 National Bureau of Economic Research, Inc.
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