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

Chaikal Nuryakin and Alistair Munro

The Japanese Economic Review, 2019, vol. 70, issue 2, 168-188

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.

Date: 2019
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https://doi.org/10.1111/jere.12194

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Journal Article: Experiments on lotteries for shrouded and bundled goods: Investigating the economics of fukubukuro (2019)
Working Paper: Experiments on Lotteries for Shrouded and Bundled Goods: Investigating The Economics of Fukubukuro (2016)
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