An Exception to the Risk Preference Anomaly

Kelly Busche and Christopher D Hall

The Journal of Business, 1988, vol. 61, issue 3, 337-46

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.

Date: 1988
References: Add references at CitEc
Citations: View citations in EconPapers (57)

Downloads: (external link)
http://dx.doi.org/10.1086/296436 full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ucp:jnlbus:v:61:y:1988:i:3:p:337-46

Access Statistics for this article

More articles in The Journal of Business from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().