Wagering on more than one outcome in an event in Cumulative Prospect Theory and Rank Dependent Utility
Economics Letters, 2017, vol. 154, issue C, 45-47
•We consider betting on more than one outcome to in an event in Cumulative Prospect Theory and Rank Dependent Utility.•The representative individuals will typically prefer betting on more than one outcome in European Roulette.•Simultaneous win and lay wagers are likely in Rank Dependent Utility but not Cumulative Prospect Theory.
Keywords: Cumulative Prospect Theory; Rank Dependent Utility; Hedge wagering (search for similar items in EconPapers)
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