The Cumulative Prospect Theory, as it was specified by Tversky and Kahneman (1992) does not explain the St Petersburg Paradox. This study shows that the solutions proposed in the literature (Blavatskky, 2005; Rieger and Wang, 2006) to guarantee, under rank dependant models, finite subjective...

Ce papier réalise une étude comparative des coûts et rendements des actifs financiers combinant épargne et jeu, de l’Ancien régime à nos jours. Nous montrons que ces produits sont extrêmement populaires et qu’ils ont toujours permis de récolter des fonds en quantité importante tout...

Lottery-linked deposit accounts (LLDAs) are financial assets that provide an interest rate determined by a lottery. These accounts that combine savings and lot- tery have become very popular in recent years and in a number of countries (Guillen and Tschoegel). However, their existence cannot be...

By using an historical approach, this paper supports the idea that the popularity of lottery-linked financial assets does not corne from an abnormally high expected retum, but from their original framework that combines gambling and savings. We show that these kinds of assets are very famous and...

In this article, we determine the optimal design of lottery-linked savings (LLS) programmes. LLS vehicles, such as lottery bonds, are financial instruments that preserve depositors' principal but provide randomized variable returns to these depositors through periodic lottery drawings, <italic>in lieu</italic>...

Lottery-linked deposit accounts (LLDAs) are financial assets that provide an interest rate determined by a lottery. These accounts that combine savings and lottery have become very popular in recent years and in a number of countries (Guillen and Tschoegel). However, their existence cannot be...

Nous étudions dans cet article deux questions : les jeunes entreprises présentent-elles des caractéristiques distinctes selon l'origine de la création et ces caractéristiques induisent-elles des performances économiques et financières différentes ? L'enrichissement du fichier SINE-94 par...

This paper aims at testing empirically the three major theoretical reasons why banks resort to collateral: reduction of loan loss in the event of default, adverse selection, and moral hazard. This investigation is performed by testing whether the reasons vary according to the type of collateral....

We investigate whether collateral helps to solve adverse selection problems. Theory predicts a negative relationship between presence of collateral and risk premium, as collateral constitutes a signalling instrument for the borrower to be charged with a lower risk premium. However, bankers’...