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Some implications of common consequences in lotteries |
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| Authors: | Crainich David Eeckhoudt Louis Menegatti Mario |
| Institution: | 1.CNRS (LEM, UMR 9221) and IESEG School of Management, 3 rue de la Digue, 59000, Lille, France ;2.IESEG School of Management, 3 rue de la Digue, 59000, Lille, France ;3.Dipartimento di Scienze Economiche e Aziendali, Università degli Studi di Parma, via J.F. Kennedy 6, 43125, Parma, Italy ; |
| Abstract: | This work studies the implications of some aspects of preferences toward risk in the choice between two binary lotteries exhibiting a common consequence. The results obtained are then applied to two different problems: the choice between two risky challenges characterized by different rewards in the case of success and different probabilities of success and the choice between self-protection and self-insurance in the presence of the risk of incurring financial loss. |
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