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An Exception to the Risk Preference Anomaly

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Author Info
Busche, Kelly
Hall, Christopher D
Abstract

The theory of risk bearing implies risk aversion. In every published study of horse race betting known to the authors, however, investigators reject this implication in favor of "ri sk-loving" behavior. Using the techniques of these studies, the auth ors examine a new data set from Hong Kong and find a rather different result: Hong Kong bettors seem to be either risk neutral or risk ave rse. A striking difference between the Hong Kong data and the previou sly studied North American data is the much larger betting volume per race. Copyright 1988 by the University of Chicago.

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File URL: http://www.jstor.org/fcgi-bin/jstor/listjournal.fcg/00219398/.61-.67
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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Business.

Volume (Year): 61 (1988)
Issue (Month): 3 (July)
Pages: 337-46
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Handle: RePEc:ucp:jnlbus:v:61:y:1988:i:3:p:337-46

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  1. Jullien, Bruno & Salanié, Bernard, 2005. "Empirical Evidence on the Preferences of Racetrack Bettors," IDEI Working Papers 178, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
  2. Russell S. Sobel & S. Travis Raines, 2003. "An examination of the empirical derivatives of the favourite-longshot bias in racetrack betting," Applied Economics, Taylor and Francis Journals, vol. 35(4), pages 371-385, January. [Downloadable!] (restricted)
  3. Frédéric Koessler & Anthony Ziegelmeyer & Marie-Hélène Broihanne, 2003. "The Favorite-Longshot Bias in Sequential Parimutuel Betting with Non-Expected Utility Players," Theory and Decision, Springer, vol. 54(3), pages 231-248, May. [Downloadable!] (restricted)
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  4. David Paton & Leighton Vaughan Williams, 2001. "Monopoly Rents and Price Fixing in Betting Markets," Review of Industrial Organization, Springer, vol. 19(3), pages 265-278, November. [Downloadable!] (restricted)
  5. Les Coleman, 2004. "New light on the longshot bias," Applied Economics, Taylor and Francis Journals, vol. 36(4), pages 315-326, March. [Downloadable!] (restricted)
  6. Marco Ottaviani & Peter Norman Sørensen, 2006. "Noise, Information, and the Favorite-Longshot Bias," FRU Working Papers 2006/04, University of Copenhagen. Department of Economics. Finance Research Unit. [Downloadable!]
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  7. Marshall Gramm & Douglas H. Owens, 2005. "Determinants of betting market efficiency," Applied Economics Letters, Taylor and Francis Journals, vol. 12(3), pages 181-185, February. [Downloadable!] (restricted)
  8. Michael Cain & David Peel, 2004. "The utility of gambling and the favourite-longshot bias," European Journal of Finance, Taylor and Francis Journals, vol. 10(5), pages 379-390, October. [Downloadable!] (restricted)
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