Gamblers favor skewness, not risk: Further evidence from United States' lottery games

Economics Letters

Volumn 63, Issue 1, 1999, Pages 85-90

  Garrett, Thomas A ^a   Sobel, Russell S ^a  

^a WEST VIRGINIA UNIVERSITY   (United States)

Author keywords

D81; Risk; Skewness; State lotteries; Uncertainty

Indexed keywords

EID: 0033447969     PISSN: 01651765     EISSN: None     Source Type: Journal    
DOI: 10.1016/s0165-1765(99)00012-9     Document Type: Article

References (9)

1. Ali M.M. Probability and utility estimates for racetrack bettors. Journal of Political Economy. 85:1977;803-815.
2. Clotfelter C., Cook P. Selling Hope: State Lotteries in America. 1989;Harvard University Press, Cambridge, Massachusetts.
3. Friedman M., Savage L.J. The utility analysis of choices involving risk. Journal of Political Economy. 56:1948;279-304.
4. Golec J., Tamarkin M. Bettors love skewness, not risk, at the horse track. Journal of Political Economy. 106:1998;205-225.
5. Kahneman D., Tversky A. Prospect theory: An analysis of decision under risk. Econometrica. 47:1979;263-291.
6. Public Gaming. 24:1996;19-24.
7. Quandt R.E. Betting and equilibrium. Quarterly Journal of Economics. 101:1986;201-207.
8. Quiggin J. On the optimal design of lotteries. Econometrica. 58:1991;1-16.
9. Thaler R.H., Ziemba W.T. Anomalies. Parimutuel betting markets: Racetracks and lotteries. Journal of Economic Perspectives. 2:1988;161-174.