會議論文
| 學年 | 96 |
|---|---|
| 學期 | 1 |
| 發表日期 | 2007-11-30 |
| 作品名稱 | Do Lotto Bettors Gamble more or less with greater Background Risk? |
| 作品名稱（其他語言） | |
| 著者 | Wang, Jen-Hung; Tzeng, Lerry Y.; Tien, Junji; Lin, Feng-Teng |
| 作品所屬單位 | 淡江大學保險學系 |
| 出版者 | 臺北縣：淡江大學保險學系 |
| 會議名稱 | 2007 兩岸保險與危險管理學術研討會 |
| 會議地點 | |
| 摘要 | This paper explores the effect on lotto demand of background risk. A cubic utility function model is adopted to analyze the willingness-to-pay of a bettor with background risk. First, a necessary condition is derived for bettor's willing to buy a lotto ticket. Then, for these willing bettors, a sufficient condition is given for their purchasing more lotto tickets after introducing an independent pure background risk. The condition consists of two effects, one determined by the change of the bettor's absolute risk aversion and the other determined by an interplay of changes of the bettor's absolute risk aversion and absolute prudence. It is further checked that the “standard risk aversion” condition-decreasing absolute risk aversion plus decreasing absolute prudence-cannot unambiguously sign the comparative statics. In the empirical part, a Taiwan data set is used to explore the effect on household lotto expenditure of background income risk. Using four alternative proxies for income risk, we find that households with more income risk purchase fewer lottery tickets, after controlling other factors including income, wealth, and the age of the head of the household. |
| 關鍵字 | Background risk; Income risk; Lotto; Willingness to pay; Prudence |
| 語言 | en |
| 收錄於 | |
| 會議性質 | 國際 |
| 校內研討會地點 | 淡水校園 |
| 研討會時間 | 20071130~20071130 |
| 通訊作者 | |
| 國別 | TWN |
| 公開徵稿 | |
| 出版型式 | 紙本 |
| 出處 | 2007 兩岸保險與危險管理學術研討會論文集, pp.507-528 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/68346 ) |