. In this paper, we show that prospect theory can o
er a rich theory of gambling, one that captures many features of actual gambling behavior. First, we demonstrate that, for a wide range of parameter values, a prospect theory agent would be willing to gamble in a casino, even if the casino only o
ers bets with zero or negative expected value. Second, we show that prospect theory predicts a plausible time inconsistency: at the moment he enters
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A Model of Casino Gambling Nicholas Barberis Yale University February 2009
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A Model of Casino Gambling Nicholas Barberis Yale University February 2009 - Description
In this paper we show that prospect theory can oper a rich theory of gambling one that captures many features of actual gambling behavior First we demonstrate that for a wide range of parameter values a prospect theory agent would be willing to gamble in a casino even if the casino only o ID: 913 Download Pdf
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