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The Utility of Gambling

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Author Info
 Conlisk, John
Abstract

A tiny utility of gambling is appended to an expected utility model for a risk-averse individual. It is shown that the model can explain small payoff gambles, large prize lotteries, and patterns of risk-seeking in the experimental evidence that are puzzling from the viewpoint of standard theory. At the same time, the model maintains expected utility theory's ability to explain insurance purchase, portfolio diversification, and other risk-averting behavior. The tiny utility of gambling could equally well be appended to models of risky choice other than the expected utility model. Copyright 1993 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 6 (1993)
Issue (Month): 3 (June)
Pages: 255-75
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Handle: RePEc:kap:jrisku:v:6:y:1993:i:3:p:255-75

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  1. Gneezy, U. & Kapteyn, A. & Potters, J., 2002. "Evaluation periods and asset prices in a market experiment," Discussion Paper 8, Tilburg University, Center for Economic Research. [Downloadable!]
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  2. Santos-Pinto, Luís & Astebro, Thomas & Mata, José, 2009. "Preference for Skew in Lotteries: Evidence from the Laboratory," MPRA Paper 17165, University Library of Munich, Germany. [Downloadable!]
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  3. Anderson, Anders, 2005. "Is Online Trading Gambling with Peanuts?," Sonderforschungsbereich 504 Publications 06-02, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
  4. R. Luce & C. Ng & A. Marley & János Aczél, 2008. "Utility of gambling II: risk, paradoxes, and data," Economic Theory, Springer, vol. 36(2), pages 165-187, August. [Downloadable!] (restricted)
  5. Caplin, Andrew & Leahy, John, 1997. "Psychological Expected Utility Theory and Anticipatory Feelings," Working Papers 97-37, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  6. Marie Pfiffelmann, 2007. "Which Optimal Design for Lottery Linked Deposit Accounts?," Working Papers CEB 07-010.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
  7. Marc Le Menestrel, 2001. "A Process Approach to the Utility for Gambling," Economics Working Papers 570, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  8. Nicholas C. Barberis, 2009. "A Model of Casino Gambling," NBER Working Papers 14947, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Marie Pfiffelmann, 2007. "Which optimal design for lottery linked deposit," Working Papers DULBEA 07-09.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
  10. Julio J. Rotemberg, 2006. "Minimally acceptable altruism and the ultimatum game," Working Papers 06-12, Federal Reserve Bank of Boston. [Downloadable!]
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  11. William S. Neilson, 2000. "Victory and Defeat in a Model of Behavior in Games and Toward Risk," Econometric Society World Congress 2000 Contributed Papers 0690, Econometric Society. [Downloadable!]
  12. David Peel & Michael Cain & D Law, 2005. "Cumulative prospect theory and gambling," Working Papers 002459, Lancaster University Management School, Economics Department. [Downloadable!]
  13. Marco Ottaviani & Peter Norman Sørensen, 2006. "Noise, Information, and the Favorite-Longshot Bias," FRU Working Papers 2006/04, University of Copenhagen. Department of Economics. Finance Research Unit. [Downloadable!]
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  14. R. Luce & C. Ng & A. Marley & János Aczél, 2008. "Utility of gambling I: entropy modified linear weighted utility," Economic Theory, Springer, vol. 36(1), pages 1-33, July. [Downloadable!] (restricted)
  15. Roger Hartley & Lisa Farrell, 2002. "Can Expected Utility Theory Explain Gambling?," American Economic Review, American Economic Association, vol. 92(3), pages 613-624, June. [Downloadable!]
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  16. Marc Le Menestrel, 2001. "A Process Approach to the Utility for Gambling," Theory and Decision, Springer, vol. 50(3), pages 249-262, May. [Downloadable!] (restricted)
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