NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Stocks as Lotteries: The Implications of Probability Weighting for Security Prices

Nicholas Barberis, Ming Huang

NBER Working Paper No. 12936
Issued in February 2007

---- Acknowledgements -----

We are grateful to Alon Brav, Michael Brennan, Markus Brunnermeier, John Campbell, Bing Han, Harrison Hong, Jon Ingersoll, Bjorn Johnson, Mungo Wilson, Hongjun Yan, and seminar participants at the AFA meetings, Columbia University, Cornell University, Dartmouth University, Duke University, Hong Kong University of Science and Technology, the NBER, New York University's 5-star conference, Ohio State University, the Stockholm Institute for Financial Research, the University of Illinois, and the University of Maryland for helpful comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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