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Can Expected Utility Theory Explain Gambling?

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Author Info
Lisa Farrell ()
Roger Hartley

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Paper provided by Department of Economics, University of Leicester in its series Discussion Papers in Public Sector Economics with number 00/8.

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Handle: RePEc:lec:lpserc:00/8

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kim, Young Chin, 1973. "Choice in the Lottery-Insurance Situation Augmented-Income Approach," The Quarterly Journal of Economics, MIT Press, vol. 87(1), pages 148-56, February. [Downloadable!] (restricted)
  2. Lisa Farrell & Roger Hartley, 2000. "Intertemporal Substitution and Gambling for Long-Lived Agents," Keele Department of Economics Discussion Papers (1995-2001) 2000/08, Department of Economics, Keele University. [Downloadable!]
  3. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279. [Downloadable!] (restricted)
  4. Ng Yew Kwang, 1965. "Why do People Buy Lottery Tickets? Choices Involving Risk and the Indivisibility of Expenditure," Journal of Political Economy, University of Chicago Press, vol. 73, pages 530. [Downloadable!] (restricted)
  5. Quiggin, John, 1991. "On the Optimal Design of Lotteries," Economica, London School of Economics and Political Science, vol. 58(229), pages 1-16, February. [Downloadable!] (restricted)
  6. Dobbs, Ian M, 1988. "Risk Aversion, Gambling and the Labour-Leisure Choice," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(2), pages 171-75, May.
  7. Farrell, Lisa & Morgenroth, Edgar & Walker, Ian, 1999. " A Time Series Analysis of U.K. Lottery Sales: Long and Short Run Price Elasticities," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(4), pages 513-26, November. [Downloadable!] (restricted)
  8. Bruno Jullien & Bernard Salanie, 2000. "Estimating Preferences under Risk: The Case of Racetrack Bettors," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 503-530, June. [Downloadable!] (restricted)
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  9. Machina, Mark J, 1989. "Dynamic Consistency and Non-expected Utility Models of Choice under Uncertainty," Journal of Economic Literature, American Economic Association, vol. 27(4), pages 1622-68, December. [Downloadable!] (restricted)
  10. Conlisk, John, 1993. " The Utility of Gambling," Journal of Risk and Uncertainty, Springer, vol. 6(3), pages 255-75, June.
  11. Dowell, Richard S & McLaren, Keith R, 1986. "An Intertemporal Analysis of the Interdependence between Risk Preference, Retirement, and Work Rate Decisions," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 667-82, June. [Downloadable!] (restricted)
  12. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Barnett, Richard C & Bhattacharya, Joydeep & Bunzel, Helle, 2008. "Are the Joneses making you financially vulnerable?," Staff General Research Papers 12909, Iowa State University, Department of Economics. [Downloadable!]
  2. Il-Horn Hann & Kai-Lung Hui & Tom S. Lee & I.P.L. Png, 2003. "The Value of Online Information Privacy: An Empirical Investigation," Industrial Organization 0304001, EconWPA, revised 01 Apr 2003. [Downloadable!]
  3. Raj Chetty & Adam Szeidl, 2006. "Consumption Commitments and Risk Preferences," NBER Working Papers 12467, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Douglas L. Miller & Anna Paulson, 2007. "Risk taking and the quality of informal insurance: gambling and remittances in Thailand," Working Paper Series WP-07-01, Federal Reserve Bank of Chicago. [Downloadable!]
  5. Thomas A. Garrett & Nalinaksha Bhattacharyya, 2006. "Why people choose negative expected return assets - an empirical examination of a utility theoretic explanation," Working Papers 2006-014, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  6. Raj Chetty, 2004. "Consumption Commitments, Unemployment Durations, and Local Risk Aversion," NBER Working Papers 10211, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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