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

Research output: Contribution to Journal/MagazineJournal articlepeer-review

Published
<mark>Journal publication date</mark>2009
<mark>Journal</mark>Applied Economics Letters
Issue number10
Volume16
Number of pages3502
Pages (from-to)1350-4851
Publication StatusPublished
<mark>Original language</mark>English

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.