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

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.

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Year of publication:	2013
Authors:	Peel, D.A.
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 119.2013, 3, p. 264-267
Publisher:	Elsevier
Subject:	Markowitz model \| Heterogeneous agents \| Multi-prize lottery tickets \| Non-expected utility

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Type of publication:	Article
Classification:	C72 - Noncooperative Games ; C92 - Laboratory; Group Behavior ; D80 - Information and Uncertainty. General ; D84 - Expectations; Speculations
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010664130