The Utility of Gambling Reconsidered
The Utility of Gambling Reconsidered
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重新考虑赌博的效用
DOI：
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发表时间：
2004
期刊：
影响因子：
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通讯作者：
P. Wakker
中科院分区：
文献类型：
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作者：
Enrico Diecidue;Ulrich Schmidt;P. Wakker
赌博的效用包含了内在的风险效用或负效用，在经济学文献中已经被提及超过世纪。本文证明，任何效用的赌博几乎必然意味着违反基本的理性属性，如传递性或随机优势，静态选择之间的赌博。这一结果可以解释为什么赌博的效用，一个被广泛讨论的现象，从来没有在经济学文献中正式化。本文的模型适应了著名的偏离预期效用，如阿莱悖论和赌博和保险的共存，而最小偏离预期效用。
The utility of gambling, which entails an intrinsic utility or disutility of risk, has been alluded to in the economics literature for over a century. This paper demonstrates that any utility of gambling almost unavoidably implies a violation of fundamental rationality properties, such as transitivity or stochastic dominance, for static choices between gambles. This result may explain why the utility of gambling, a phenomenon so widely discussed, has never been formalized in the economics literature. The model of this paper accommodates well-known deviations from expected utility, such as the Allais paradox and the coexistence of gambling and insurance, while minimally deviating from expected utility.