Booij, Adam S.; Praag, Bernard M.S. van - In: Journal of Economic Behavior & Organization 70 (2009) 1-2, pp. 374-388
In this paper we analyze a sample of 1832 individuals who responded to six randomly generated lottery questions that differ with respect to chance, prize and the timing of the draw. Using a model that explicitly allows for consumption smoothing, we obtain an estimate of relative risk aversion of...