Heterogeneous agents and the implications of the Markowitz model of utility for multi-prize lottery tickets

DOI10.1016/J.ECONLET.2013.02.030MaRDI QIDQ2439799zbMATH OpenOpenAlexFDO

Authors David Peel

Publication date 17 March 2014

Published in Economics Letters (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.econlet.2013.02.030

zbMATH Keywords

heterogeneous agentsnon-expected utilityMarkowitz modelmulti-prize lottery tickets

Mathematics Subject Classification ID

Decision theory (91B06) Heterogeneous agent models (91B69)

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Cites work

• Advances in prospect theory: cumulative representation of uncertainty
• Averting risk in the face of large losses: Bernoulli vs. Tversky and Kahneman
• Cumulative prospect theory and the St. Petersburg paradox
• Prospect Theory: An Analysis of Decision under Risk
• Reconciling introspective utility with revealed preference: experimental arguments based on prospect theory
• The medium prizes paradox: Evidence from a simulated casino

Cited in

(3)

• Heterogeneous demand responses to discrete price changes: an application to the purchase of lottery tickets
• Lotteries, insurance, and star-shaped utility functions
• Expected utility theory and inner and outer measures of loss aversion

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