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On correlated lotteries in economic applications

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Economic models and experiments frequently use lotteries with only a few outcomes. We study the correlation of such lotteries and discuss its relevance for economic applications. In particular, we fully characterize the joint distribution of two binary lotteries via their first three univariate mome...

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Hauptverfasser: Dertwinkel-Kalt, Markus (VerfasserIn) , Ebert, Sebastian (VerfasserIn) , Köster, Mats (VerfasserIn)
Dokumenttyp: Article (Journal)
Sprache:Englisch
Veröffentlicht: November 2023
In: Journal of economic behavior & organization
Year: 2023, Jahrgang: 215, Pages: 292-306
ISSN:1879-1751
DOI:10.1016/j.jebo.2023.08.025
Online-Zugang:Verlag, kostenfrei, Volltext: https://doi.org/10.1016/j.jebo.2023.08.025
Verlag, lizenzpflichtig, Volltext: https://www.sciencedirect.com/science/article/pii/S0167268123003153
Volltext
Verfasserangaben:Markus Dertwinkel-Kalt, Sebastian Ebert, Mats Köster

MARC

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520 |a Economic models and experiments frequently use lotteries with only a few outcomes. We study the correlation of such lotteries and discuss its relevance for economic applications. In particular, we fully characterize the joint distribution of two binary lotteries via their first three univariate moments and their correlation coefficient. As we illustrate alongside several examples, the resulting parametrization may be useful for economic modeling and experimental design. 
650 4 |a Attention 
650 4 |a Binary lotteries 
650 4 |a Correlation 
650 4 |a Correlation neglect 
650 4 |a Portfolio choice 
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