Abstract
Many real-world decision problems under uncertainty are concerned with the choice among available alternatives. This choice, in turn, may be viewed as a choice among a number of differeint lotteries. The selling price and buying price of a lottery are defined in many textbooks in statistical decisions. The first objective of this paper is to clarify the confusion possibly arising from these definitions which do not consider one's asset position at the time of his lottery transaction. The second concern of the paper is to reinforce the significance of considering asset position in the definitions of these terms.
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