Some implications of common consequences in lotteries

David Crainich, Louis Eeckhoudt () and Mario Menegatti
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Louis Eeckhoudt: LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique

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Abstract: This work studies the implications of some aspects of preferences toward risk in the choice between two binary lotteries exhibiting a common consequence. The results obtained are then applied to two different problems: the choice between two risky challenges characterized by different rewards in the case of success and different probabilities of success and the choice between self-protection and self-insurance in the presence of the risk of incurring financial loss.

Keywords: lotteries; risk aversion; risky challenges; self-protection; self-insurance (search for similar items in EconPapers)
Date: 2019-11-30
Note: View the original document on HAL open archive server: https://hal.science/hal-02502811
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Published in Journal of Risk and Uncertainty, 2019, 59, pp.185-202. ⟨10.1007/s11166-019-09314-4⟩

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Journal Article: Some implications of common consequences in lotteries (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02502811

DOI: 10.1007/s11166-019-09314-4

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