Diecidue, Enrico; Schmidt, Ulrich; Wakker, Peter P. - In: Journal of Risk and Uncertainty 29 (2004) 3, pp. 241-259
The utility of gambling, which entails an intrinsic utility or disutility of risk, has been alluded to in the economics literature for over a century. This paper demonstrates that any utility of gambling almost unavoidably implies a violation of fundamental rationality properties, such as...
