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Experiments on lotteries for shrouded and bundled goods: Investigating the economics of fukubukuro

Author

Listed:
  • Chaikal Nuryakin
  • Alistair Munro

Abstract

Fukubukuro (or lucky bag) is a familiar institution in Japan and elsewhere in which the exact contents of a New Year sales item are hidden from the consumer before purchase. Motivated by the fukubukuro example and the lack of evidence on risk attitudes in lotteries involving goods, we conduct a laboratory experiment in which the outcomes are bundled or unbundled goods. The implied gains to a monopoly seller for marketing goods in lottery form rather than separately are only clearly positive for lotteries where there is a higher probability of obtaining the more highly valued good.

Suggested Citation

  • Chaikal Nuryakin & Alistair Munro, 2019. "Experiments on lotteries for shrouded and bundled goods: Investigating the economics of fukubukuro," The Japanese Economic Review, Japanese Economic Association, vol. 70(2), pages 168-188, June.
    • Handle: RePEc:bla:jecrev:v:70:y:2019:i:2:p:168-188
    DOI: 10.1111/jere.12194
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    2. Chaikal Nuryakin & Alistair Munro, 2019. "Experiments on lotteries for shrouded and bundled goods: Investigating the economics of fukubukuro," The Japanese Economic Review, Japanese Economic Association, vol. 70(2), pages 168-188, June.

    More about this item

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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