Repeated Optional Gambles and Risk Aversion
分析年龄对重复独立赌博最优动态策略的影响，发现未来赌博机会增加当前赌博意愿，但彩票非同分布时结论不一定成立，对投资和保险决策有参考价值。
We analyze in this paper the effect of age on the optimal dynamic strategy toward repeated independent gambles. When deciding to accept or to reject a lottery that is offered today, the gambler knows how many lotteries can yet be played in the future. We first characterize the optimal dynamic strategy when future lotteries are identically distributed. We show that the existence of future lotteries always increases the willingness to gamble today. When the sequence of lotteries is independent but not identically distributed, we show that this does not need to be true. This analysis can be applied to the problem of investing in indivisible risky investment projects, or to the problem of dynamic optimal insurance demand.