Do Lotto Bettors Gamble more or less with greater Background Risk?

淡江大學機構典藏 > 商管學院 > 風險管理與保險學系 > 會議論文 > Item 987654321/68345

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題名:	Do Lotto Bettors Gamble more or less with greater Background Risk?
作者:	Wang, Jen-Hung;Tzeng, Lerry Y.;Tien, Junji;Lin, Feng-Teng
貢獻者:	淡江大學保險學系
日期:	2007-12-16
上傳時間:	2011-10-23 11:53:47 (UTC+8)
出版者:	臺中市：逢甲大學保險與風險管理學系
摘要:	This paper explores the effect on lotto demand of background risk. A cubic utility function model is adopted to analyze the willingness-to-pay of a bettor with background risk. First, a necessary condition is derived for bettor’s willing to buy a lotto ticket. Then, for these willing bettors, a sufficient condition is given for their purchasing more lotto tickets after introducing an independent pure background risk. The condition consists of two effects, one determined by the change of the bettor’s absolute risk aversion and the other determined by an interplay of changes of the bettor’s absolute risk aversion and absolute prudence. It is further checked that the “standard risk aversion” condition—decreasing absolute risk aversion plus decreasing absolute prudence—cannot unambiguously sign the comparative statics. In the empirical part, a Taiwan data set is used to explore the effect on household lotto expenditure of background income risk. Using four alternative proxies for income risk, we find that households with more income risk purchase fewer lottery tickets, after controlling other factors including income, wealth, and the age of the head of the household.
關聯:	台灣風險與保險學會第一屆學術研討會
顯示於類別:	[風險管理與保險學系] 會議論文

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