The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
A Model of Casino Gambling
Abstract
We show that prospect theory offers a rich theory of casino gambling, one that captures several features of actual gambling behavior. First, we demonstrate that for a wide range of preference parameter values, a prospect theory agent would be willing to gamble in a casino even if the casino offers only bets with no skewness and with zero or negative expected value. Second, we show that the probability weighting embedded in prospect theory leads to a plausible time inconsistency: at the moment he enters a casino, the agent plans to follow one particular gambling strategy; but after he starts playing, he wants to switch to a different strategy. The model therefore predicts heterogeneity in gambling behavior: how a gambler behaves depends on whether he is aware of the time inconsistency; and, if he is aware of it, on whether he can commit in advance to his initial plan of action. This paper was accepted by Brad Barber, Teck Ho, and Terrance Odean, special issue editors.
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Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Advances in prospect theory: Cumulative representation of uncertainty
Tversky, A., & Kahneman, D. (1992) · Journal of Risk and Uncertainty · doi:10.1007/bf00122574 · Cited by 15,467
Golden eggs and hyperbolic discounting
Laibson, D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555253 · Cited by 6,122
Up Close and Personal: Investor Sophistication and the Disposition Effect
Dhar, R., & Zhu, N. (2006) · Management Science · doi:10.1287/mnsc.1040.0473 · Cited by 840
Cited by
Stocks as Lotteries: The Implications of Probability Weighting for Security Prices
Barberis, N., & Huang, M. (2008) · American Economic Review · doi:10.1257/aer.98.5.2066 · Cited by 1,544
Self-citationThe Nature of Risk Preferences: Evidence from Insurance Choices
Barseghyan, L., Molinari, F., O'Donoghue, T., & Teitelbaum, J. C. (2013) · American Economic Review · doi:10.1257/aer.103.6.2499 · Cited by 348
Looking for Someone to Blame: Delegation, Cognitive Dissonance, and the Disposition Effect
CHANG, T. Y., SOLOMON, D. H., & WESTERFIELD, M. M. (2016) · The Journal of Finance · doi:10.1111/jofi.12311 · Cited by 331
Thirty Years of Prospect Theory in Economics: A Review and Assessment
Barberis, N. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2177288 · Cited by 293
Self-citationLimited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees
Stango, V., & Zinman, J. (2014) · Review of Financial Studies · doi:10.1093/rfs/hhu008 · Cited by 259
Metadata
- Authors
- Barberis, N.
- Venue
- Management Science
- Published
- 2012-01
- Volume
- 58
- Issue
- 1
- Pages
- 35-51
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W2140975782
- Cited by
- 242
- References
- 4
- FWCI
- 7.06
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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