Hogan, Seamus; Meriluoto, Laura - In: Applied Economics Letters 18 (2011) 18, pp. 1765-1768
This article is concerned with models in which an agent faces a lottery with <italic>j</italic> other agents for a prize, so that the probability of winning the prize is 1/(<italic>j</italic> + 1), and where <italic>j</italic> is stochastic. After describing four different situations where such a lottery is present, we construct the expected...
