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Généralisation de l'espérance d'utilité : le cas des jeux de loterie en France

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  • Serge Blondel

Abstract

WetakeasstartingpointastylisedfactidentifiedsinceFriedmanandSavage(1948):thepoorerpeoplearethemorethey gamble. ThisconclusionistobefoundinthecaseoflotteriesinFrance. Itcanbeexplainedintheframeworkofexpected utility (EU) theory, but only on the assumption of a utility function that exceptionally calls into question the usual assumption of aversion to risk. We examine the predictions of rank-dependent expected utility theory, the most popular generalisation of EU. This theoryisconsistentwithapropensitytogamblethatdecreasesasafunctionofwealthwhilestillmaintaininganotherwise concave utility function. This result argues in favour of a broadening of the rationality with respect to EU taken on its own.

Suggested Citation

  • Serge Blondel, 2003. "Généralisation de l'espérance d'utilité : le cas des jeux de loterie en France," Economie & Prévision, La Documentation Française, vol. 159(3), pages 105-112.
    • Handle: RePEc:cai:ecoldc:ecop_159_0105
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