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On skewness of return and buying more than one ticket in a lottery

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  • David Peel
  • David Law

Abstract

The purpose in this article is to demonstrate that buying more than one ticket in a lottery is readily explicable in models of utility that permit gambling at actuarially unfair odds. However, contrary to popular view, we show this choice cannot be explained in terms of a variance-skew trade-off.

Suggested Citation

  • David Peel & David Law, 2009. "On skewness of return and buying more than one ticket in a lottery," Applied Economics Letters, Taylor & Francis Journals, vol. 16(10), pages 1029-1032.
    • Handle: RePEc:taf:apeclt:v:16:y:2009:i:10:p:1029-1032
    DOI: 10.1080/13504850701320154
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    Cited by:

    1. Kent Grote & Victor Matheson, 2011. "The Economics of Lotteries: An Annotated Bibliography," Working Papers 1110, College of the Holy Cross, Department of Economics.

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