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

David Peel

Economics Letters, 2013, vol. 119, issue 3, 264-267

Abstract: The purpose in this letter is to demonstrate, employing two parametric forms of the Markowitz model of utility, that heterogeneity of preferences of Markowitz agents can contribute towards an explanation of why lotteries typically have multiple rather than single prizes.

Keywords: Markowitz model; Heterogeneous agents; Multi-prize lottery tickets; Non-expected utility (search for similar items in EconPapers)
JEL-codes: C72 C92 D80 D84 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:119:y:2013:i:3:p:264-267

DOI: 10.1016/j.econlet.2013.02.030

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